The Ghana Revenue Authority (GRA) says its meeting with officials from the International Monetary Fund (IMF) was fruitful.
Officials of the International Monetary Fund have wrapped up the second visit to Ghana following the conclusion of discussions on the Fund’s support to the country.
Commissioner General of the Ghana Revenue Authority, Rev. Dr. Ammishaddiah Owusu-Amoah has been explaining the form of engagement the IMF had with GRA as the government looks forward to a bailout.
“The engagement was not only about the auditing of the figures but also on both administrative and policy reforms to see where there are any improvements or recommendations. Internally, we have also discussed the agreed policy initiatives to be carried on.”
The IMF concluded its second round of negotiation with Ghana for a bailout program on Friday, October 7, 2022, saying it was constructive to put Ghana’s economy back on track.
“We had constructive discussions on policies aimed at restoring macroeconomic stability and laying the foundation for stronger and more inclusive growth”, said Mr Stéphane Roudet, the IMF Mission Chief to Ghana, at the end of the meeting.
The team said it will return to Washington, D.C. to “advance its technical work”.
Having arrived in Accra on September 26, 2022, the team met with H.E. President Akufo-Addo, H.E. Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, and their teams.
It also had discussions with Parliament’s Finance Committee, as well as representatives from various government agencies, the Trades Union Congress, the private sector, civil society organizations, and development partners.
“We reaffirm our commitment to support Ghana in these challenging times, consistent with the IMF’s policies,” Mr Roudet, said.
He expressed the IMF team’s gratitude to the Ghanaian authorities, private sector, civil society, development partners and other stakeholders for their constructive engagement and support during this mission.
Talks centered on economic growth and possible financial support for Ghana post-covid.
“Key areas of focus included ensuring public finance sustainability while protecting the vulnerable, bolstering the credibility of monetary and exchange rate policies to reduce inflation and rebuild external buffers, preserving financial sector stability, and steps to encourage private investment and growth, including by improving governance, transparency, and public sector efficiency,” the IMF said.
The technical work it mentioned includes making further progress on assessing Ghana’s debt sustainability.
“The discussions with the authorities will also continue in the weeks ahead, including during the upcoming Annual Meetings that will be convened at IMF headquarters”, the statement further added.
Ghana returned to the IMF for support after months of struggle with the economy and a cost of living crisis.
Finance Minister, Ken Ofori-Atta on Wednesday, September 28, 2022, said government will fast-track negotiations with the International Monetary Fund (IMF) to ensure key aspects of the programme are reflected in the 2023 budget statement.
Meanwhile, some economists have cast doubt on the possibility of concluding the IMF deal before the year ends