We are not going to IMF for bailout – Ofori- Atta

The Finance Minister, Ken Ofori-Atta, has rejected reports that government is seeking to return to the International Monetary Fund (IMF) for programme support and bailout. 

Speaking in an interview with Joy Business in Accra on Monday, he said there is “absolutely nothing on the table.”

This was after a meeting with visiting African Development Bank officials.

There have been reports that government is in the process of going to the IMF for some programme support to address the current pressures on revenue, rising debt stock and “troubling budget deficit.”

Some financial experts and international research firms believe that the recent decision of some offshore investors to get out of Ghana’s bonds is due to concerns about the fiscal outlook, which may put further pressure on government’s finances.

They claim this development may force the government to turn to the IMF for support to bring about the needed stability and what some describe as “policy credibility.”

Finance Minister on alternatives to deal with the current fiscal situation

The Finance Minister noted that the government is seeking to issue Eurobond in 2022 to deal with the funding gap.

He added that it’s an option being considered by government together with initiatives.

The Minister noted that government is also committed to putting in place measures to improve revenue mobilisation, whiles addressing budget overruns, going into the next year.

Ghana in 2015 turned to the IMF for some policy support programme that came with some $918 million for the country.

Some market watchers have argued that, the 2022 budget presentation may hold the key in helping to bring back investor interest in Ghana bonds, after recent exits, due to concerns about Ghana’s fiscal situation.