Ghana’s Finance Minister Affirms Support for IMF Program Goals

[post_slider]

Ghana’s Finance Minister Affirms Support for IMF Program Goals

Ghana’s newly appointed finance minister, Mohammed Amin Adam, has affirmed his commitment to maintaining the country’s $3 billion International Monetary Fund (IMF) program on course. The assurance comes as Ghana works towards completing the restructuring of its external debt ahead of the December elections. President Nana Akufo-Addo replaced former Finance Minister Ken Ofori-Atta with Adam in a cabinet reshuffle amid criticism of Ofori-Atta’s handling of the country’s severe economic crisis.

Adam, a petroleum economist who previously served as minister of state at the finance ministry, emphasized that there would be no delays in the ongoing debt negotiations with bondholders. He assured that the targets and advisers involved in the negotiations remained consistent. Adam had been part of the negotiation process since its inception.

As Ghana approaches national elections in December, concerns have been raised that the new finance minister might relax fiscal consolidation efforts to bolster the ruling party’s electoral prospects. However, Adam dismissed such concerns, emphasizing that there would be no reversal on the IMF program of fiscal consolidation. He pledged aggressive revenue mobilization supported by reforms at the Ghana Revenue Authority and emphasized efficient spending benefiting Ghanaians.

Adam expressed his commitment to reforms, “I am a pro-reform person,” and affirmed strong support for the structural benchmarks outlined in the IMF program. The IMF has expressed its support for the new finance minister. At the same time, the World Bank recently approved $300 million for Ghana following a deal to restructure $5.4 billion of loans with official creditors.

TRENDING

Related Posts

Illuminating the Promise of Africa.

Receive captivating stories direct to your inbox that reveal the cultures, innovations, and changemakers shaping the continent.