A 5-member Consultative Committee has been set up by the government to lead extensive stakeholder engagements as the country engages with the International Monetary Fund (IMF).
The Finance Minister, Ken Ofori-Atta at a press briefing on September 28, 2022 announced that a committee will be set up for some broader stakeholder consultative inputs in finalising any deal with the Fund.
Astute banker, Albert Essien, will chair the Consultative Committee as Simon Dornoo acts as the vice chair.
The group will examine views from financial sector players in banking, asset, management, pensions, and insurance, to deal with issues in the financial sector before reaching a deal with the IMF for an economic programme.
The other members of the committee are Alex Asiedu, Mabel Nyarkoa Porbley, and Peter Enti.
The committee will be giving counseling and will among other things, lead discussions with the financial services industry and other stakeholders to provide industry-wide inputs and transmit industry concerns on debt management strategy to the Ministry of Finance and the Bank of Ghana.
The expectations and goals are to ensure orderliness and confidence in government’s negotiations with the IMF.
Mr. Essien is a seasoned financial specialist with 30 years of experience in the banking sector.
He is the former CEO of Ecobank Group. Albert serves on several boards including the Development Finance Institute (Fin Dev), Canada, Old Mutual – South Africa, LMI Holdings as well as Jumo Africa.
He is also the Board Chairman of Ghana Amalgamated Trust. Albert holds a Bachelor of Arts degree in Economics from the University of Ghana, Legon and is a fellow of the Chartered Institute of Bankers, Ghana.
The delegation of representatives from the International Monetary Fund (IMF), which arrived in Ghana on September 26, 2022, have concluded their talks with the Ghanaian government.
Mr Stephane Roudet, IMF Mission Chief to Ghana, who led the team on Friday, October 7, said his organization and Ghana’s government had constructive discussions on policies aimed at restoring macroeconomic stability.
According to him, the two parties are “laying the foundation for stronger and more inclusive growth.” “We reaffirm our commitment to support Ghana in these challenging times, consistent with the IMF’s policies,” Mr Roudet added.
During the second period of engagement, the IMF/World Bank and the government undertook a debt sustainability analysis (DSA) to inform the programme negotiations, since a framework for any debt operations had yet to be established.
Again, the Fund and the government are now reviewing the country’s medium-term macro-fiscal framework.
This is looking at a three-year expenditure plan which sets out the medium-term expenditure priorities and budget constraints, as well as focuses on sectors that need to be developed and refined.
Mr Roudet also noted that “key areas of focus included ensuring public finance sustainability while protecting the vulnerable, bolstering the credibility of monetary and exchange rate policies to reduce inflation and rebuild external buffers, preserving financial sector stability, and steps to encourage private investment and growth, including by improving governance, transparency, and public sector efficiency.”
Negotiations between the IMF and Ghana are far from over.
Finance Minister, Ken Ofori-Atta, has revealed that the government and the Fund will carry on with their negotiations on an economic programme for Ghana in Washington, DC, the United States of America (U.S.A.). This is expected to take place this week.
While speaking at the signing of a $1.13 billion cocoa syndicated loan in Accra, the sector minister asserted that “we are very confident that the discussions that we are having with the Fund will put us in the right landing zone.