IMF still not an option – Ofori-Atta

Finance Minister, Ken Ofori-Atta, has reiterated government’s stance on not seeking a bailout from the International Monetary Fund, IMF, despite the current economic challenges.

Mr. Ofori-Atta says government will consider home-grown solutions to deal with the difficulties because the country has what it take to recover from the issues facing the economy.

The government, despite harsh criticisms has on multiple occasions stated that the most prudent measure in the face of Ghana’s ailing economy is not to go back to the IMF but rather raise revenue domestically, while cutting down on government expenditure.

Speaking at the Minister’s Press Briefing in Accra, he said government will keep introducing more measures to raise revenue domestically.

“We are members of the fund; there are two major points of interventions that we have from the fund. One being the advise that we get because of the phenomenal expertise that the fund has and then secondly, these programme interventions which bring us some resources.

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 re-financing our debt, reprofiling it,” he said.

Speaking on the Electronic Transfer Levy, Ken Ofori-Atta said government is optimistic monies accrued from the implementation of the E-levy will help fix the current budget deficit.

Source: Citi Business News