The Minister of Finance, Mr. Ken Ofori Atta has stated the government of Ghana and the International Monetary Fund (IMF) has agreed on the objectives of a deal to support Ghana.
He said the IMF has assured the government of its strong commitment and support in these difficult times in the country.
“Mr. Speaker, since Government announced its engagement with the International Monetary Fund (IMF or the Fund) for a supported Programme on 1st July, 2022, we have made substantial progress. The Fund assured Government of its strong commitment and support in these difficult times.”
He added, “Government and the IMF have agreed on programme objectives, a preliminary fiscal adjustment path, debt strategy and financing required for the programme to be in line with the Government’s Post-COVID-19 Programme for Economic Growth (PC-PEG).”
According to the Finance Minister, the Post-COVID-19 Programme for Economic Growth is the Government’s blueprint to restore macroeconomic stability, promote debt sustainability, sustain economic recovery and support structural reforms.
Presenting the 2023 Budget Statement and Economic Policy on Thursday, November 24, 2022, the Minister announced an overall Real GDP growth of 2.8 percent; a Non-Oil Real GDP growth of 3.0 percent; End-December inflation rate of 18.9 percent, Primary Balance on Commitment basis of 0.7% of GDP; and Gross International Reserves to cover not less than 3.3 months of imports as the overall macroeconomic targets set for the 2023 fiscal year.
Meanwhile, the government has also set out an overall Real GDP to grow at an average rate of 4.3 percent, a Non-Oil Real GDP to grow at an average rate of 4.0 percent; inflation to be within the target band of 8±2 percent; Primary Balance on Commitment basis to average 0.8 % of GDP in the 2023- 2026 period; and Gross International Reserves to cover at least 4 months of imports as part of a a medium-term macroeconomic target from 2023 to 2026.