IMF deal: We’re reviewing Free SHS, other policies for efficiency – Ofori-Atta

The Minister for Finance, Ken Ofori-Atta, has disclosed that the Free Senior High School programme and other social intervention policies of the Nana Addo Dankwa Akufo-Addo government will not be affected by the Staff-Level Agreement reached with the International Monetary Fund (IMF).

According to him, the government will be reviewing these programmes to ensure that they are run efficiently.

The minister, who made these remarks while answering a question at a press briefing in Accra on December 13, 2022, added that the fund has also given an indication that these social intervention policies should not be cancelled.

“On the issue of various programmes including free education. I think if you listen to Stéphane (IMF lead), there was a clarity on the issue of preservation and enhancing, actually, social interventions and free education falls under that.

“I think we are doing a review to look at the efficiency of all of these programmes and that has already kicked off and as we then continue, we make sure these are run efficiently,” he said.

The IMF and the Government of Ghana reached a staff-level agreement on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion, on December 13, 2022.

A statement released on the Fund's website said the IMF Mission Chief for Ghana led by Stéphane Roudet noted that, "I am pleased to announce that the IMF team reached staff-level agreement with the Ghanaian authorities on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion or about US$3 billion."

"The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth."

The statement also noted that the staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.

Watch Ofori-Atta’s remarks below:

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— Twitta Patriots (@TheTPatriots) December 13, 2022