20 January 2017

Ministerial Vetting: NPP gov't will review IMF deal – Osafo-Maafo

The Senior Minister designate, Yaw Osafo-Maafo, has indicated that the new government would request for a review of Ghana’s programme with the International Monetary Fund (IMF).

Mr Osafo-Maafo said this while responding to a question by a member of the Vetting Committee of Parliament when he appeared before it on Friday January 20.  

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“The IMF programme, it will certainly be reviewed. There are two main reasons why the IMF programme must be reviewed. [One], the current programme literally squeeze all the fiscal space out…Two, the IMF programme works along achieving targets. The targets are set between the government and the IMF. So far, most of the targets, have been missed. Therefore whether we asked for it or not, the IMF themselves will want it reviewed.

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The former Minister of Finance cited the projected economic growth rate at the end of the year that were missed by the previous had been missed.

“[The targets that have been missed] is enough for the IMF to request for a review, because you can’t go on when you have not met the target,” he added.

The John Mahama administration entered into an agreement with the IMF in 2015 which saw the Bretton Woods institution give the country 918 million dollars spread over three years.

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Source: pulse.com.gh/business/rss

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