Finance Minister Ken Ofori Atta has announced in parliament that Ghana will exit the IMF programme by end of 2018.
Delivering the budget statement and financial policies for the third year in office of the Akufo-Addo administration, Mr Ofori Atta said the government was ready to stick to economic discipline.
Mr Ofori Atta noted that government was doing everything possible to successfully wean the country off the IMF and run the economy independently.
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“We are exiting the IMF programme by the end of this year. The sacrifices we make and the seeds we sow together will put Ghana at an enviable position.
“We are not there yet as we have a long way to go in fulfilling our mandate but we are grateful to the IMF and we are determined to cooperate with them to overturn the tide,” he said.
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On April 30, 2018, the Executive Board of the International Monetary Fund (IMF) completed the fifth and sixth reviews of Ghana’s economic performance under the programme supported by an Extended Credit Facility (ECF) arrangement.
Completion of the reviews enables the disbursement of SDR 132.84 million (about US$191 million), bringing total disbursements under the arrangement to SDR 531.36 million (about US$764.1 million).
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Ghana’s three-year arrangement was approved on April 3, 2015, for SDR 664.20 million (about US$955.2 million or 180 percent of quota at the time of approval of the arrangement).
It’s aimed at restoring debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation while protecting social spending.