The Council of State has expressed confidence in the economic prospects of Ghana following its positive growth trend under the International Monetary Fund (IMF).
The council praised the government for its efforts in securing a swift IMF deal to help revive the economy after the COVID-19 pandemic.
The Chairman of the Council of State, Nana Otuo Siriboe II, said at a meeting of the Council in Accra last Thursday that “Ghana has a bright future ahead. We must remain hopeful and firm in our conviction that our country will overcome the difficulties it currently faces.
‘’The approval of the IMF programme marks a milestone that will boost our journey to renewed growth and create more opportunities for economic recovery.”
The meeting was attended by the Minister of Finance, Ken Ofori-Atta, as part of the government’s Post COVID-19 Programme for Economic Growth (PC-PEG) as well as the IMF sensitisation and stakeholder drive to inform Ghanaians about the details of Ghana’s Growth Agenda and the IMF Programme.
It also aimed to seek inputs from all stakeholders to ensure effective implementation.
Mr Ofori-Atta shared the chairman’s optimism and recognised the significant progress that Ghana had made so far.
“We have made remarkable strides in our recovery process, and we are optimistic about the future. This IMF programme will provide the necessary support to restore our economy and put us on a path of sustained growth,” he said.
Explaining the programme, the minister said the PC-PEG was a comprehensive programme with four key objectives of re-aligning Ghana’s economic direction towards recovery and growth.
The primary goal, Mr Ofori-Atta stated, was to restore macroeconomic stability which involved managing inflation, stabilising the exchange rate and creating a conducive business environment.
By regaining stability, the government aims to rebuild confidence among businesses and investors, which will set the stage for sustainable growth.
The second pillar of the PC-PEG is addressing Ghana’s fiscal challenges, and the finance minister said the government was committed to doing so by bringing fiscal operations and public debt to sustainable levels.
To achieve that Mr Ofori-Atta said, “a comprehensive reform of tax administration is underway, along with measures to manage expenditure,” he said.
“Prudent fiscal policies will be implemented to ease the burden on future generations and ensure a sound economic foundation,” the minister added.
The PC-PEG also emphasised the importance of structural reforms, Mr Ofori-Atta added, stating, “the economic blueprint encompasses measures to improve the business environment, attract private sector investments and enhance infrastructure development.”
The finance minister added that the financial sector would be strengthened and provided with the necessary support through regulatory forbearances, and the operationalisation of the Ghana Financial Stability Fund (GFSF) to ensure a robust and resilient financial sector.
Some directors and programme heads who accompanied the finance minister explained that in line with the government’s commitment to inclusiveness, the PC-PEG programme placed a focus on promoting strong and inclusive growth, while protecting the poor and vulnerable.
Responding to the Finance Ministry’s presentation, members of the Council of State called for the active cooperation of the government and citizens alike, especially in the areas of revenue mobilisation and expenditure rationalisation.
They further highlighted the need to carry citizens along in the PC-PEG/ IMF sensitisation and stakeholder drive.
The council members recommended the development of local language content to help foster a nationwide sense of ownership concerning Ghana’s economic recovery and growth.