Finance Minister, Ken Ofori-Atta has emphasized the country’s commitment to fiscal responsibility, stating that Ghana will not hastily seek to return to the international capital market for borrowing.
Speaking at a press conference on Thursday (May 18), Ofori-Atta highlighted the importance of revenue measures and prudent expenditure management in ensuring financial stability and sustainability.
He further acknowledged the revenue-enhancing measures outlined in the budget, particularly improvements at the Ghana Revenue Authority (GRA), which are expected to provide the necessary resources for the country’s progress.
He stressed the significance of curtailing and effectively managing expenditures to achieve long-term financial goals.
In addition to the revenue measures that we saw in the budget that are improving at GRA and that will give us the resource to move forward, curtailing and managing our expenditures are going to be important.
“There is no rush in going back to the international capital market, our expectation is that in managing our expenditure and increasing our revenue we will have the resources to do it.”
The finance minister emphasized that Ghana will not rush back to the international capital market, as the government aims to rely on improved revenue streams and expenditure management to meet its financial requirements.
“Working towards the capital market is important because we want to get our ratings up and make the country more attractive for investors, especially FDIs. So, no one is rushing to the capital market at this juncture”, Ken Ofori-Atta added.
Furthermore, Ofori-Atta highlighted the importance of working towards an improved position in the capital market, aiming to enhance Ghana’s credit ratings and attractiveness to investors, particularly foreign direct investment (FDI).
The International Monetary Fund (IMF) on Wednesday approved Ghana’s request for a $3 billion bailout to support the country’s economic recovery.
The IMF’s support program for Ghana will primarily focus on controlling inflation and rebuilding the country’s foreign reserve buffers, contributing to overall economic stability.