Gov’t sets 5-member cttee to engage stakeholders on IMF move

Finance Minister Ken Ofori-Atta

A 5-member committee consisting of prominent financial services professionals has been put together by the government to lead extensive stakeholder engagements across all the key segments of the financial sector – banking, asset, management, pensions, and insurance, the Minister of Finance Ken Ofori-Atta has announced.

At a press conference in Accra on Wednesday September 28, he said the announcement of the Committee Members will be made in the coming days.

“They will immediately get to work to engage key stakeholders in the financial services sector, additional to ongoing engagements with Civil Society Organizations (CSOs), social partners (labour unions, employers, and FBOs), academia, industry professionals, and the leadership of Parliament,” he said.

Mr Ofori-Atta further stated that the IMF and Government team are working to update the medium-term macro-fiscal framework to inform IMF programme design.

Also, he added they are discussing policy measures and structural reforms proposed in the economic programme aimed at addressing the economic challenges facing the country towards restoring and sustaining macroeconomic stability, fiscal and debt sustainability, as well as promoting durable and inclusive growth and social protection.

“We simply have not reached any agreement with the Fund on the parameters of any debt operations as we are in the process of completing the debt sustainability analysis.

“Government shall continue to actively engage all stakeholders in a clear and transparent manner as we seek to fast-tract the IMF negotiation process. Ghana needs a viable domestic financial system to support its development programme, especially in these three years with limited access to the International Capital Market. Therefore, everything
must, and will be done, to protect our financial sector; and there must be room for a win-win conversation through extensive stakeholder engagement with both our domestic and external investors. Ghana has always had a collaborative approach with its partners and we
shall, I am confident, come out with an ‘historic arrangement’.

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“This is a Government that protected the savings of 4.6million Ghanaian depositors with the reform of the Banking and financial sector even in our early days. We owe it to the economy and Ghanaians to keep protecting it.

“The sanctity and the well-functioning of the financial system is sacrosanct and we need the support and trust of all Ghanaians to deliver this. Let us join hands to get this done. The great Celtic Miracle in Ireland in the 1980s was the result of such collaborations
especially with Labour and we shall also be blessed with the Ghana Miracle.”

By Laud Nartey||Ghana