Ghana Will Meet IMF Bailout Benchmarks, Says Finance Minister

ACCRA (Capital Markets in Africa) – Ghana remains committed to its three-year bailout plan with the International Monetary Fund and will take steps to achieve the program’s benchmarks if it allows the country an opportunity to address economic “predicaments” by creating jobs.

The IMF program remains necessary to achieve fiscal consolidation “though it is presently in a delicate state,” Finance Minister Ken Ofori-Atta said in an e-mailed statement on Monday. Ghana’s total public debt stood at 71.9 percent of gross domestic product in November.

The government’s immediate priority is to stabilize Ghana’s economy by enhancing public finances, managing the West African nation’s debt and investing in infrastructure, he said. These steps will help the private sector and create jobs, he said.

The Washington-based lender agreed in April 2015 to an extended credit facility with the government of former President John Mahama, who lost an election last month to Nana Akufo-Addo and the New Patriotic Party. Akufo-Addo promised to boost economic growth by cutting taxes and providing incentives for the private sector and create jobs.

The government will be meeting the IMF for talks in February.