Business News of Fri, 19 May 20170

Implementation setbacks necessitate IMF extension - Resident rep

Dr. Natalia Koliadina, IMF Country Representative

The International Monetary Fund (IMF) says Ghana’s program with the Fund must be extended insisting that decision should be taken before the end of the year.

This follows Finance Minister Ken Ofori-Atta's insistence the program would only be extended if government fails to meet all the targets by close of this year.

According to him, government is committed to ending the program in April 2018. But the Fund says the proposed program extension is critical to address some setbacks in implementing critical reforms under the three-year program.

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Country Representative, Dr. Natalia Koliadina, however, tells JOYBUSINESS, that request must be made by government. “The IMF can extend a program at member’s request, if it is needed for completing program objectives, and program extensions are not unusual in our program engagements”.

She was of the view that any extension would have to be requested by the Ghanaian authorities, “and we understand they are considering the matter.

"A program extension would support the authorities’ policies and reforms, and pave the way for Ghana’s graduation from IMF programs”.

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