Former deputy finance minister Dr Cassel Ato Forson is casting doubt on Ghana closing a deal with the IMF from the economic program by the end of the year.
The Minister of Finance, Ken Ofori-Atta, has said Ghana’s decision to go to the International Monetary Fund (IMF) is a short-term measure for a balance of payment support.
According to him, what the country needs in the longer term is a major structural shift in the economy.
Mr Ofori-Atta said this when he presented the 2022 Mid-Year budget statement in Parliament on Monday.
The Minister said the structure of the economy is still largely primary despite the numerous attempts to structurally transform it through various industrialisation programmes.
“We are heavily reliant on primary commodities, extractive industry and are price takers on the market. Our capacity and productivity remain low both in the public and private sectors.”
Mr Ofori-Atta noted that there were huge inefficiencies and limited skills to foster the country’s development and improve the standards of living, adding: “In this regard, any adverse global development impacts us negatively no matter how efficient we manage the economy.”
the Finance Minister said the government over the last few years implemented flagships programmes including the One District, One Factory initiative, Planting for Food and Jobs, Road and Railway development programme, Covid-19 recovery programme, the GhanaCARES ‘Obaatan Pa’ and adding value to the country’s products.
Finance minister Ken Ofori Atta has also indicated that government is working hard to close the program with the IMF by November this year.
But speaking in an interview in Washington DC at the just ended annual IMF world Bank meeting, former deputy finance minister Dr. Cassel Ato Forson said Ghana can only secure a deal with the IMF by the first quarter of 2023.
Story by: Teacher Kojo / Ahotoronline.com
