The Minister of Finance, Ken Ofori-Atta has said the government is aimed at making getting the ratings up and make the country more attractive for investors with the International Monetary Fund (IMF) $3 billion bailout .
“There is no rush in going back to the international capital market, our expectation is that in managing our expenditure and increasing our revenue we will have the resources to do it. Working towards the capital market is important because we want to get our ratings up and make the country more attractive for investors, especially FDIs. So no one is rushing to the capital market at this juncture,” he said.
The Minister noted that the disbursement of the IMF funds will boost investor confidence in the economy.
“We will go back to the market because we will leverage on the IMF deal to balance our financing needs. We have development partners supporting, but a chunk of our inflows will come from the market so with the IMF approval, we are very confident that investor confidence in Ghana will increase. The institutions upgrading us will look favourably to Ghana and then as a result of all these, we could return to market very soon,” he was earlier quoted by citinewsroom.com.
The International Monetary Fund has approved Ghana’s request for a $3 billion bailout to support Ghana’s economic recovery, according to its sources
The IMF’s Executive Board met to discuss approval for the funding on Wednesday.
During a joint press conference between the Government of Ghana and officials of the IMF, he outlined the tranches in which the money will be disbursed.
He said, “There is a $600 million release, and we will be working with the IMF to see if we can get it by tomorrow, and then we will move on to the next 6 months which will be another $600 million, and then we move on to about 5 different tranches every 6 months in the periods ahead.”
” I think going forward, the issues of efficiency of government, efficiency of services to the people are going to be key and are therefore finding ways of ensuring that we efficient in our deployment” Ofori-Atta stated.
Source: Elvisanokyenews.com
