Structural and financial reforms will not lead to job cuts – Finance Minister

Finance Minister, Ken Ofori-Atta has assured that the structural and financial reforms associated with Ghana’s IMF programme will not lead to jobs cuts as suggested.

According to him, these reforms will support and strengthen the country’s economy following wave of economic challenges in the past few years.

Addressing journalists at a press conference on Sunday June 18, the Finance Minister said government has developed a Post-COVID-19 Programme for Economic Growth (PC-PEG) which is backed by the International Monetary Fund.

He explained that the growth led programme will ensure that the reforms will revive the economy.

“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,” Ken Ofori-Atta said.

He continued, “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”

Ken Ofori-Atta said government remains committed to working with external partners, government agencies to woo investors in attracting private capital to support growth efforts.



MA/FNOQ