IMF deal will help the country back on track, Ken Ofori Atta

IMF deal will help the country back on track, Ken Ofori Atta. The finance Minister of Ghana Ken Ofori-Atta have said that, the government would not burden its people with a choice to approach the IMF for a program during the country’s economic turmoil.

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After review discussion of the mid-year budget on July 27, the Minister told them he would guarantee good IMF negotiations and no excessive hardship for residents.

“Mr. Speaker, I’d like to thank members of this session for the statement we made and especially for the contributions from the Minority side and certainly from our side, that as we go through the year, we will ensure that this engagement with the IMF is positive for the country and the country will be back on track,” Ken Ofori-Atta said.

Haruna Iddrisu, Minority Leader, said the budget gave little hope to Ghanaians at Monday’s Mid-Year review debate.

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“Mr. Speaker, without quick and wide economic development and an effective war on corruption, the Ghanaian economy is going to slip into a worse crisis,” the Tamale South MP remarked.

Majority Leader Osei Kyei-Mensah-Bonsu disagreed. He blamed the economic situation on the Electronic Transfer levy controversy (E-levy).

The E-passage Levy’s provoked fear, rating agencies downgraded Ghana, and the government couldn’t borrow additional loans. Investors disinvested, putting pressure on foreign currencies. The Ghana cedi depreciated 15.8% in the first quarter, the Suame MP said.

He noted that the Russian and Ukraine conflict compounded the economic hardship in the country.