The International Monetary Fund (IMF) in its latest review report released on Thursday commended the government of Ghana for a satisfactory implementation of the program and meeting all the August 2015 performance criteria set. It further acknowledged of the government’s preparedness to meet the challenges the election year might pose.
Finance Minister Seth Tekper attributed Ghana’s performance in the assessment by the International Monetary Fund’s review committee to government’s ability to implement efficient policies aimed at reducing the country’ fiscal deficit.
Mr. Tekper who was speaking at the opening of the first Ghana International Petroleum Conference in Accra said Ghana’s performance has been largely achieved through the removal of subsidies. “As we make progress with programs like the IMF hopefully if we are to get get out of IMF program and manage our own affairs, it comes down to we managing the sector efficiently.
In other words we should continue to have the fiscal merging with the affairs of the private sector with oil distribution companies, importers, marketers and credit to them and in other cases, to the government”, he said.
“As we make progress with programs like the IMF hopefully if we are to get get out of IMF program and manage our own affairs, it comes down to we managing the sector efficiently. In other words we should continue to have the fiscal merging with the affairs of the private sector with oil distribution companies, importers, marketers and credit to them and in other cases, to the government”, he said.
“We should not see the progress we are making and see it only to the macroeconomic recoveries, it is about time the government moves away from just the macro-economy but also consider the real sector of the economy,” Mr. Tekper added. The Executive Board of the IMF according to the report is also tentatively expected to consider the review of Ghana under the program proper by the end of the year after finalization of the required documentation.
The Ghana International Petroleum Conference is on the theme, “The Changing Phase of Petroleum – Repositioning Industry.” and is organized by the Chamber of Bulk Oil Distribution. The conference seeks to deepen the constructive role of the mid and downstream petroleum sector and foster stronger ties between industry players and policy makers.
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