Former Finance Minister Seth Terkper has highlighted the need for the government to put in more effort to fully capitalize on the benefits of the $3 billion bailout agreement with the International Monetary Fund (IMF).
While acknowledging the progress made in meeting short-term targets, Terkper emphasized the importance of addressing broader challenges to ensure Ghana reaps the full advantage of the IMF deal. Speaking on JoyNews’ AM Show, he reiterated that the success of the IMF bailout is not solely dependent on short-term targets.
Terkper stressed the need for sustained commitment and strategic planning to navigate the complexities of Ghana’s economic landscape. He expressed optimism that the achievements in meeting short-term targets could lay a foundation for broader accomplishments.
The recent achievement of reaching a Staff-Level Agreement with the IMF for the second review of the Extended Credit Facility is a significant milestone for Ghana. The agreement, pending approval by the IMF Board, will pave the way for the release of $360 million by the IMF.
The discussions that led to the agreement focused on assessing the progress of reforms and identifying the authorities’ policy priorities within the framework of Ghana’s three-year program under the Extended Credit Facility.
In conclusion, Terkper emphasized that while Ghana may be doing well in the short term, more needs to be done to fully leverage the IMF deal for long-term economic stability and growth. The government’s concerted efforts in tackling underlying issues and capitalizing on opportunities will be crucial in maximizing the benefits of the bailout agreement.
