Finance Minister Ken Ofori-Atta has announced that the country would be pursuing an enhanced domestic programme as it prepares to seek a bailout from the International Monetary Fund (IMF).
The Ministry through a statement explained that the Enhanced Domestic Programme (EDP) is a 3-year fast-tracked macroeconomic stabilization programme that seeks to restore investor confidence and achieve fiscal and debt sustainability.
The Minister further explained that the enhanced programme is heavily driven by a mix of robust structural reforms and revenue, expenditure, and financing policies.
”This will further enhance the recovery and transformation efforts by the Government under the Ghana CARES ‘Obaatan pa’ Programme.”
”The proposed programme should span a minimum of 3 years and seeks to achieve the following objectives:
i. Strengthen Government’s effort to restore investor confidence in the economy, thereby, regaining market access, boosting Development Partner
(DP) disbursements, and unlocking other financing sources;
ii. Restore debt sustainability and macroeconomic stability to support green growth, economic transformation and job creation while protecting social spending; iii. Strengthen the Central Bank’s Monetary Policy Regime; and iv. Build buffers to strengthen resilience to economic shocks; and
v. Further enhance the recovery and transformation efforts by the Government under the Ghana CARES ‘Obaatan pa’ Programme,” the statement said.
Meanwhile, the Minister has said the negotiations between Ghana and the IMF will take something.
”IMF-supported programme negotiations take some time to be concluded. Depending on the availability of data to assess the macroeconomic situation, the readiness and suitability of the government’s economic programme and nature and feasibility of any prior conditions to be completed by government programme negotiations can be quick or be protracted.
Government stands ready to quicken and shorten the negotiation process by sharing relevant data as well as presenting its enhanced economic programme that will anchor the supported programme,” the statement added.