Finance Minister Ken Ofori-Atta has refuted claims that government is rushing to end the IMF bailout programme due to borrowing restrictions.
Government signed on the three-year extended credit facility in 2015, to among others ensure fiscal discipline and cut down on government’s borrowing spree.
Government earlier this year announced that it will not extend the IMF programme when it ends in April 2018.
This was greeted with a lot of criticism by some experts who argued that leaving the program will encourage excessive spending and borrowing. But Finance Minister ken Ofori Atta says the country should be able to manage its finances, without external conditions.
“The issue we have to deal with is that as Ghanaians whether the fund is there or not, we have to do it ourselves”, he emphasized.
He added that “There is the argument that we have money, but getting money does not mean we will not use it judiciously, but this is not fundamental. There are some measures we have to take ourselves” He adds that government is still on course in its debt management strategy.
“We are actually committed to ending the programme in April 2018, and because of that we are also ensuring some internal policies that will still keep us on the path to fiscal discipline,” he explained.
“There is also a very strong technical assistance that government will take advantage of from the fund in a different way so we have a plan”, he added He was speaking at the ongoing IMF/world bank spring meeting in Washington DC.
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