By Rebecca Ekpe
Two indicators contributed to exposing Ghana’s economic vulnerabilities. The COVID-19 pandemic and the Russian-Ukrainian War as the authorities have asserted.
After going to the IMF for support, this time round, the government insists that all efforts are being made to put the economy back on track.
Mr. Ken Ofori Atta, the Finance Minister disclosed at a briefing in Accra that IMF’s ….”performance indicators have been carefully selected to enable us to achieve our reform objectives as well as build resilience to better withstand future global and domestic shocks, as they are certain to occur”.
The Finance Minister did not mince words in the scope of work ahead.
”It must be clear that there is enormous work ahead”.
He said to sustain and optimize this partnership with the IMF, Ghana proposed and negotiated six (6) Quantitative Performance Criteria, nine (9) Structural Benchmarks, and three (3) Indicative targets.
Furthermore, a clear implementation strategy for the IMF is in place, to ”support the effective implementation of reforms and interventions of the IMF backed PC-PEG Programme”.
These include weekly and monthly monitoring meetings. Citizens would be informed and educated to come along with the program, while a rigorous auditing of funds will be key.
” Implementing a comprehensive communication strategy for the PC-PEG Programme; iii. Ensuring that Public Funds and their usage, including the IMF Funds, are audited by the Auditor-General of Ghana”, the Finance Minister stated.
While other interventions will follow, ”sensitisation of key stakeholders including Cabinet, EMT, Council of State, Parliament, National House of Chiefs, Organised Labour, Employers Associations (including AGI & Chamber of Commerce), MDAs, MMDAs, Investors, CSOs and Think-Tanks, FBOs, the General Public, NDPC Commissioners, Heads of SOEs, Development Partners, and the Media”.
Some engagements according to Mr. Ofori Atta have already taken place among members of, ”Cabinet, EMT, Southern Sector Regional Ministers and MCEs, organized by the Ministry of Agriculture, Council of State, Chief Directors and Heads of Covered Entities, PPME Directors in MDAs, MoF Staff, and a cross-section of the media”.
