Finance Minister Ken Ofori-Atta says Ghana’s program with the International Monetary Funds (IMF) would only be extended if the country fails to meet all the targets by end of next year.
This is in response to reports that government is currently negotiating with the Fund to extend the program, a development that has been confirmed by World Bank country representative Henry Kerali.
Sources say the push for extension has been influenced by fears that Ghana cannot implement all the needed reforms by April 2018.
World Bank country representative Henry Kerali
But Mr. Ofori-Atta tells JOYBUSINESS, for now, government is pushing to end the program April 2018.
“We have been always very categorical about when we want to end the program, and it’s about how we perform this year”.
Comments by some economists on program extension
Some persons close to the IMF have also argued that it might be in the interest of the Ghana to extend the program. The have maintained it will be difficult for the program be completed in April 2018.
Some economists including Peter Quartey and Godfred Bokpin have argued that an extension would not have any negative impact on the economy despite
Issuance 15-year bond to clear energy sector bonds
In another development, Finance Minister Ken Ofori Atta has confirmed has confirmed to JOYBUSINESS the proposed bond sale to help clear the energy sector debt would be issued later this month.
Vice President Dr. Mahamadu Bawuamia last month disclosed to media men in Washington D.C that government would soon issue a 15-year bond to clear the energy sector debts. Mr Ofori-Atta told JOYBUSINESS the Ministry is now working on the modalities.
He added that government would be looking at a range of $3 to $5 billion range, which would be supported by the proceeds of the Energy Sector Levy.