GHANA’S REVENUE MOBILIZATION CHALLENGES TO DOMINATE SOME IMF MEETINGS

Ghana’s revenue mobilization challenges to dominate some IMF meetings

Source: Ghana| Myjoyonline | George Wiafe | JoyBusiness | Washington DC
Date: 10th-october-2017 Time:  9:47:20 am

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Challenges with revenue mobilization and its impact on Ghana’s programme with the International Monetary Fund (IMF) will dominate some discussions as the Annual IMF-World Meetings opens in Washington DC.

The Meetings have been described as the biggest gathering of Finance Ministers and Central Bank Governors whose countries are members of the IMF and World Bank.

The meeting would also bring together economists, civil society groups, financial experts and bankers to deliberate on threats to the global economy and financial system. 

Ghana and the Annual meetings 

JOYBUSINESS has learnt challenges with revenue mobilization ending July 2017 will dominate some of the engagements that the delegation from Ghana will be having with the Fund.

According to persons close to the Fund, they are worried about the impact of this development in achieving the budget deficit for this year and some of the targets set out in the IMF program.

That is the reason they will be seeking some clarifications from government on additional measures it is instituting to improve revenue following the not so good July ending revenue numbers.

Government and challenging revenue numbers

Government, on the other hand, has maintained that it is optimistic of meeting the revenue target of about ¢45 billion by the end of this year.

According to the July ending fiscal numbers, government was hoping to mobilize some ¢24 billion in revenue, however, it just got ¢21 billion.

It has argued that revenue numbers are normally not that good in first half of the year, but things would pick up the last quarter of year.

Persons close to government have also cited the good expenditure numbers for July ending as one of the ways it is hoping to contain the budget deficit.

Government was projecting to spend ¢30.5 billion in the first seven months of this year but has actually spent some ¢28 billion, putting the deficit at ¢8 billion as against the ¢8.2 billion targeted.  

Delegation to the Annual IMF meetings       

Finance Minister Ken Ofori Atta is leading government’s delegation to the Annual IMF-World Bank Meetings. 

The delegation is also made up of officials from Bank of Ghana, which includes the Governor Dr. Ernest Addison and his first Deputy Dr. Maxwell Afari.

Also in attendance are the Chair of Parliament’s Finance Committee, Dr. Mark Assibey Yeboah as well as officials from the Finance Ministry. 

Whiles the team from the finance ministry would focus on several technical engagements with the World Bank, the team from the Central Bank would also be engaged in several bilateral meetings with the IMF. 

There would be other bilateral meetings with some other development agencies that the delegation would be holding in US.

The meetings would also offer the team opportunity to engage the World Bank over its decision to increase financial assistance available to Ghana to more than $1.5 billion. 

 

 

 

 

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