Minister of Finance Kenneth Ofori-Atta has been asked to ensure that Ghana derives maximum benefits from the IMF program that is currently being implemented.
He must make sure that the challenges of the program, in terms of conditionality, do not outweigh or override the success and benefits that are expected to be attained. Some people have expressed concerns about the program, especially the decision by the IMF not to release the $3 billion in bulk for the full implementation of the program over the three-year period. Instead, the IMF is releasing the funds in tranches and further supervising and guiding government in revising policies and programs as part of the conditions.
The Finance Minister must ensure that his ministry, the Ministry of Finance, continues to educate the people of Ghana on the implementation process, in order to not create doubts in their minds about the implementation process. The Majority and Minority caucuses in Parliament, as well as the Speaker of Parliament, Alban Bagbin, must also support the Finance Minister to successfully implement the program and not frustrate him or his ministry.
Any decision to change the Finance Minister during the IMF program is likely to disrupt or impede the implementation process and create mistrust between the parties, economic analysts have cautioned.
The decision by the President to assign the Finance Minister to lead the government delegation to negotiate the IMF deal helped Ghana to secure a record staff-level agreement. Based on his competence and experience, the Finance Minister would be able to bring the current program to a successful completion in 2026.
Ghana’s Finance Minister has been touted as one of the best finance ministers in the world who was able to manage the country’s economy through the COVID-19 pandemic in 2020 and the Russian-Ukraine war in 2022 to date.
Under his watch, the government is currently aiming to create a conducive environment for businesses to thrive, generate employment opportunities, and drive economic growth.
The government is also focusing on boosting agricultural productivity, promoting local industries, and investing in critical infrastructure projects. The government plans to establish a conducive environment for businesses to thrive, generate employment opportunities, and drive economic growth.
The government plans to maintain responsible fiscal policies, improve revenue generation, and prioritize the efficient allocation of resources. These measures will ensure that the economic revival efforts are sustainable in the long run.