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IMF says Ghana country program on track

Xinhua, February 6, 2016 Adjust font size:

The International Monetary Fund (IMF) says the implementation of its three-year support program for Ghana is on track.

Deputy Managing Director Zhu Min made this known at a press conference here on the sidelines of the IMF Data Conference for the African Region.

"After our second review which ended about two weeks ago, we have seen that Ghana is on track regarding its program with the Fund. We welcome the strong commitment of the government and its determination to manage debts and bring down the fiscal deficit," he stated.

Zhu observed that managers of the economy had been making significant progress in cutting down debts.

"We see government deficits coming down from 10 percent to seven percent and further to 5 percent and that is a big achievement. The debt is at the core of the matter so fiscal discipline and consolidation are important.

"If we are able to bring down the debt, we will have the other indicators coming down. We have to do this now so that the private sector can benefit next year," he added.

Zhu however called for more action from the government in order to sustain progress so far made.

"We need a further consolidation of the fiscal policy and we needed to ensure that we have primary surplus of about two percent this year so that we will be able to maintain the debt deficit. By doing that, we need fiscal consolidation," he urged.

What Ghana needs to do, according to him, are fiscal sector reforms; improved and enhanced tax administrations plus efficiencies; eliminating tax exemptions; and improving public expenditure quality.

Responding to concerns about 2016 budget implementation in the face of dwindling global crude prices, Finance Minister Seth Terkper hinted the possibility of revising the 2016 budget figures due to further slumps in the commodity prices.

The Executive Board of the IMF last April approved a three-year arrangement under the Extended Credit Facility for Ghana in an amount equivalent to SDR 664.20 million ( about 918 million U.S Dollars) in support of the authorities' medium-term economic reform program. Enditem