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Plans to secure IMF deal before 2023 budget is prepared not feasible – Ato Forson

Cassiel Ato Forson121212 Ranking Member on Parliament’s Finance Committee, Dr. Cassiel Ato Forson

Thu, 29 Sep 2022 Source: www.ghanaweb.com

Dr Cassiel Ato Forson has expressed concern over government’s intention to reach an agreement with the International Monetary Fund before the 2023 budget is prepared in November.

According to him, government may find it difficult to achieve the timeline as it's targeting $3 billion under an economic support programme from the Fund.

Speaking with Accra-based Citi FM, the Minority spokesperson on Finance opined, “I doubt in the next six weeks we are going to have a programme. That will be a magic of a lifetime.”

He further argued that should a deal be secured before the budget is presented, it may not be in the interest of the Ghanaian populace.

“It will mean we are just going to be yes men and accept everything they say,” Ato Forson stressed.

Director of Operations at Dalex Finance, Joe Jackson, on his part said government must be given the benefit of the doubt over its timeline to secure an IMF deal.

He however cautioned that although the targets are ambiguous, the Government of Ghana and the IMF are operating in unison and urgency to secure a deal which is critically needed to sustain the Ghanaian economy.

“Unless somebody shows me any reason that the team is not going to work day and night to achieve that target, I will be cautiously optimistic,” Joe Jackson pointed out.

Meanwhile, finance minister Ken Ofori-Atta has outlined seven pillars which will be hinged on Ghana’s possible economic support programme from the International Monetary Fund.

These include; i. Debt Sustainability; ii. Fiscal Consolidation; iii. Strengthening Monetary and Exchange Rate Policies iv. Building Strong Financial Institutions; v. Macro-Critical Structural Reforms; vi. Maintaining Peace and Security; and vii. Economic Growth and Transformation.

Ghana is currently holding negotiations with officials from the Fund who arrived in Accra-Ghana on September 26 with talks expected to cover a 10-day period.

MA/FNOQ

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Source: www.ghanaweb.com
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