Ken Ofori-Atta assures no job losses amid ongoing economic reforms

In the midst of ongoing structural and financial reforms aimed at stabilising the economy, the government has provided reassurances that these measures will not result in job losses.

The Post-COVID-19 Programme for Economic Growth (PC-PEG), supported by the International Monetary Fund (IMF), has been introduced to revive the economy through comprehensive reforms.

During a press briefing on Sunday, June 18, Finance Minister Ken Ofori-Atta emphasized that the primary objective of the reforms is to strengthen the economy, with no intention of cutting jobs.

He highlighted the expectation of multilateral support totaling approximately US$2.0 billion for 2023 and US$6.2 billion between 2023 and 2026.

“We expect multilateral support of about US$2.0 billion for 2023 and US$6.2 billion between 2023 and 2026. We expect the World Bank to provide a total support of US$1.6 billion whilst the AfDB provides a total support of US$200 million over the programme period. In addition, we expect to mobilize catalytic funding of US$30 million in 2023 and US$330 million between 2023 and 2026 from bilateral creditors.”

“Government intends to invest these resources to advance macroeconomic stability and shared economic growth. Government is very intentional in ensuring that growth and job creation are not sacrificed in the process of restoring macroeconomic stability and debt sustainability. Specific interventions to support the economic recovery process include: improving the business environment, reducing the cost of doing business and enhancing export competitiveness,” Mr. Ofori-Atta added.

Furthermore, the Minister expressed the government's readiness to collaborate with external partners and government agencies to attract significant private capital as a complement to its efforts.

He emphasized the importance of mobilizing sustainable external resources while aggressively generating domestic revenue, with focus on achieving shared prosperity and protecting the well-being of vulnerable populations.

In pursuit of these goals, a collaborative initiative involving the Ministry of Finance, Ministry of Trade, Ministry of Agriculture, and the Ghana Investment Promotion Centre (GIPC) will form a thematic working group dedicated to attracting substantial private capital for growth.

With the government's commitment to balanced economic reforms and strategic collaborations, Ghana aims to achieve macroeconomic stability, debt sustainability, and sustainable job creation.

YNA/WA