Chairman of the Council of State, Nana Otuo Siriboe II has called upon Ghanaians to maintain a sense of optimism in light of the country’s renewed growth trajectory, supported by the recently approved International Monetary Fund (IMF) Programme.
“There is light ahead for Ghana. We must remain optimistic and steadfast in our belief that our country will overcome the challenges it currently faces. The IMF Programme approval marks a turning point, which will energize our path to renewed growth and catalyze further opportunities for economic recovery,” Nana Otuo Siriboe declared.
He made the remarks at a Council of State meeting on Thursday, June 8, 2023.
According to him, the $3 billion IMF bailout presents the country with the opportunity to reboot the economy, thus the need to embrace unity and work together as a collective to ensure that the country optimizes its benefits.
The meeting, which was attended by key government officials including Finance Minister Ken Ofori-Atta and members of the Council of State, aimed to educate stakeholders about the details of Ghana’s Growth Agenda and the IMF Programme, while also soliciting input for effective implementation.
Finance Minister Ofori-Atta, on his part shared the Chairman’s sentiments, recognizing the significant progress made thus far. “We have made significant strides in our recovery journey, and we are optimistic about the future,” he asserted. “This IMF Program will provide the necessary support to restore our economy and set us on a path of sustained growth.”
The Minister took time to outline Ghana Post Covid-19 Programme for Economic Growth (PC-PEG), which encompasses four key objectives. The first objective, he said focuses on restoring macroeconomic stability, including managing inflation, stabilizing the exchange rate, and creating a favorable business environment.
The second pillar of the PC-PEG addresses Ghana’s fiscal challenges. The Minister highlighted the government’s commitment to bringing fiscal operations and public debt to sustainable levels. Measures such as comprehensive tax administration reforms and prudent fiscal policies will be implemented to ensure a sound economic foundation.
Structural reforms form the third objective of the PC-PEG. The Minister emphasized the importance of improving the business environment, attracting private sector investments, and bolstering infrastructure development. The financial sector will also receive support through regulatory forbearances and the operationalization of the Ghana Financial Stability Fund (GFSF).
The final objective of the PC-PEG centers on promoting strong and inclusive growth while safeguarding the poor and vulnerable. The government plans to stimulate economic activity, create job opportunities, and attract investments. Concurrently, social safety nets and targeted support programs will protect the most vulnerable members of society, ensuring that the benefits of recovery are widely shared.
Chairman Nana Otuo Siriboe II expressed his gratitude to Finance Minister Ofori-Atta and his team for their dedication and tireless efforts in formulating the growth programme and securing IMF support. He encouraged the government to continue spreading the message of hope as Ghana continues to make progress on the economic and all other fronts.