President John Dramani Mahama says the decision to open discussions with the International Monetary Fund (IMF) is not because of the failure of government\u2019s own home grown solutions, but rather because of the need for policy credibility and confidence from the international financial institutions, capital markets and investors for the measures being implemented to restore economic stability and growth.<\/p>\n
He noted that turning to the IMF was a decision to gain the seal of approval from the Bretton Wood institution for the country\u2019s homegrown measures.<\/p>\n
Answering a question about the decision to join the Fund\u2019s programme at GE-Economist event as apart of the U.S.-Africa Leaders Summit in Washington DC, President Mahama stressed that there will be no significant changes in Ghana\u2019s domestic policy.<\/p>\n
\u201cSo we are going to discuss with the IMF how we can turn the deficit around quickly and create the kind of confidence even in the short-term narrative,\u201d he stressed.<\/p>\n
The GE sponsored event focused on \u201cAfrica Ascending: Powering Inclusive Growth\u201d brought together a number of global leaders including government officials, business leaders, NGOs, policy experts and entrepreneurs at the forefront of solving the world\u2019s energy challenges.<\/p>\n
\u201cWe are taking subsidies off fuel and the utilities, streamlining the spiraling public sector wages, we are working to improve revenue collection and efficiency in collecting taxes and also reforming the public financial management system,\u201d the President stated.<\/p>\n
He also responded to the negativity about the Ghanaian economy and the seeming interest of some to paint a gloomy picture of the economy. According to President Mahama, there is a grave misunderstanding of Ghana\u2019s potential because of too much fixation on the short-term narrative.<\/p>\n
\u201cAs much as we have tried to draw attention to Ghana\u2019s potential, there is too much fixation with the short-term narrative; yes there has been a deficit and inflation has gone up but we have put in measures to turn that around.
\nDeficits are not turned around just in a year or two\u2026 the deficit will be brought under control by 2017,\u201d he stated.<\/p>\n
He however acknowledged that the unfortunate international narrative on the short-term challenges of Ghana has come about probably because Ghana has been \u201cone of the few most potential emerging markets in Africa in recent times.\u201d<\/p>\n
President Mahama called for a change in the international narrative about Ghana to the medium-term prospects because the prospects for growth are good.<\/p>\n
He disclosed that Ghana would by end of August sign a new deal with ENI concerning the country\u2019s Sankofa field to explore more than a trillion cubic feet of gas in addition to 50,000 barrels of oil daily. \u201cThe potential for growth is therefore good\u201d, he noted.<\/p>\n
With GE preparing to kick-start a 1,000MW electricity project and the expected signing on Tuesday of a new MCC compact, which will channel some $300milion towards the improvement of the country\u2019s power sector, President Mahama said the target to attain 5,000MW of electricity generation for Ghana is on course.<\/p>\n
–<\/p>\n
By: Office of the President<\/p>\n","protected":false},"excerpt":{"rendered":"
President John Dramani Mahama says the decision to open discussions with the International Monetary Fund (IMF) is not because of the failure of government\u2019s own home grown solutions, but rather because of the need for policy credibility and confidence from the international financial institutions, capital markets and investors for the measures being implemented to restore […]<\/p>\n","protected":false},"author":5,"featured_media":36879,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[43,38],"yoast_head":"\n