In Ghana’s recent history we haven’t implemented IMF deal in an election year without derailment but…- Addison
Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has stated that in Ghana’s recent history, the country has not been able to successfully implement a programme with the International Monetary Fund (IMF) in an election year without derailment.
However, he has assured that the government and the central bank are committed to changing that narrative in this year, which happens to be an election year.
“We recognize the importance of continued macroeconomic stability and an early return to the capital markets, and we will remain committed to ensure that programme implementation stays firm,” Dr. Addison said during a joint IMF, BoG, Ministry of Finance Press conference in Accra on Saturday, April 13.
The IMF Mission Chief for Ghana Mr. Stéphane Roudet, also said that the Fund was confident of the assurances given by the government to ensure election year spending is in line with the objectives of the $3 billion programme.
We’re confident of govt’s assurance to check election year spending – IMF Mission Chief for Ghana
He recounted the number of times government officials including Finance Minister Dr Mohammed Amin assured that the programme would not be derailed by the election year spending.
Answering questions during a joint IMF, Ministry of Finance, Bank of Ghana (BoG) press conference in Accra on Friday, April 13 he said “Regarding election spending, the Minister of Finance has been clear about that acknowledging that past electoral cycles have not been conducive to keeping spending and keeping the fiscals on track or in check.
“But what do we see at the current juncture, I think what we see, if you look back, is a programme that is on track, targets that have been met, commitments that have been fulfilled and that gives us some comfort. At the same time if you look forward we had still have very strong commitment from the Ghanaian authorities to the programme’s objectives. You heard from the Minister as soon as he took office, he said very clearly his commitment to the programme objectives and we also heard that at all levels from the government, that also gives us great comfort.”
At the same press conference, the Minister for Finance, Dr Mohammed Amin Adam assured that sufficient control and monitoring mechanisms have been put in place to ensure key targets under the IMF programme are met, even though 2024 is an election year.
He said that the government remains committed to the effective implementation of the IMF programme and ensuring sustained growth and stability of the Ghanaian economy
Dr Amin Adam said “As we forge ahead, we remain committed to the effective implementation of the IMF programme and ensuring sustained growth and stability of the Ghanaian economy.
— Ministry of Finance, Ghana (@MoF_Ghana) April 13, 2024
“With the support of all, we are confident to achieve our objectives and build a stronger and more resilient nation.”
He added “We have also put in place sufficient control and monitoring mechanisms to ensure key targets under the IMF-supported programme are met, even though 2024 is an election year”.
