FLASHBACK: No turning back to IMF, we're on the right path - Ofori-Atta

Ghana's former Minister of Finance, Ken Ofori-Atta, is set to face a United States (US) immigration court on Tuesday, January 20, 2025, following his arrest and detention after he allegedly overstayed in the country.

One of the issues the former minister was heavily criticised for was Ghana’s return to the International Monetary Fund, despite his assurance that it would not happen under his watch.

Ofori-Atta, on May 12, 2022, said the Ghanaian economy was on the right path; therefore, there was no need for the government to run to the International Monetary Fund (IMF) for financial assistance.

He stressed that the government had rolled out some interventions and policies to ensure sufficient macroeconomic gains for the local economy.

Read the full story originally published on May 12, 2022 by www.ghanaweb.com.

No turning back to IMF, we're on the right path - Ofori-Atta

Finance Minister, Ken Ofori-Atta, has reiterated the government’s stance on going to the International Monetary Fund (IMF) for financial assistance.

According to him, the government is committed to not returning to the IMF because interventions and policies have been put in place to ensure sufficient macroeconomic gains for the local economy to bounce back on track.

Ken Ofori-Atta indicated that the IMF is aware that the Ghanaian economy is heading in the right direction.

He, however, called on Ghanaians to help the government find alternative ways of financing the country's growing debt.

Speaking at a press conference in Accra on Thursday, May 12, 2022, Ken Ofori-Atta said, “We are members of the fund; there are two major points of intervention that we have from the fund. One being the advice that we get because of the phenomenal expertise that the fund has and then secondly, these programme interventions which bring us some resources... I think, if you see from the budget that we constructed for 2022 and the subsequent announcement that we have done, clearly, the issue of Ghana having the capacity to think through the consolidation exercise exists. Also discipline itself with regards to the 20 per cent, etc, that we have shown clearly.”

“We have committed to not going back to the fund because in terms of the interventions and policy, we are right there; the fund knows that we are completely in the right direction. The issue is validating the programmes that we have put in place and then, in my view, supporting us to find alternative ways of financing or refinancing our debt, reprofiling it,” the finance minister added.

The government has instituted some homegrown solutions, including the introduction of the E-Levy to stop the economy from wobbling.

The E-Levy imposes a 1.5% charge on all electronic transfers above GH¢100.

The tax policy is a move by the government to widen the country's tax net.