Business News of Thursday, 8 November 2018
Information Minister Kojo Oppong Nkrumah has said that the Cabinet of President Nana Akufo-Addo has reviewed the economic policies of the government, adding that the 2019 budget, the third economic document of the Akufo-Addo led administration, will be the first that will not be under the supervision of the International Monetary Fund (IMF).
“The 2019 budget will mark the beginning of Ghana’s exit from the IMF programme under which we sought almost 918 million dollars, over three years with conditions attached”, Mr Oppong Nkrumah told journalists at a press briefing in Accra on Wednesday, 7 November 2018.
Mr. Nkrumah revealed that the current administration raced to correct slippages from targets under the programme in the first two years.
“The improved macro environment is evinced by the reduced policy rate, reduced inflation, reduced fiscal deficit, improved growth, improved reserves, and improved credit ratings”, he disclosed.
He further added that the administration has made achievements in implementing social interventions such as the Free SHS programme, Planting for Food and Jobs; and also expanded the school feeding programme.
He also announced that the 2019 budget is designed to bring more relief, hope, and improvement in the lives of Ghanaians.
The minister said some of the targets the government seeks to achieve after the successful exit of the IMF programme include maintaining fiscal discipline, increasing liquidity in the Ghanaian economy, sustaining growth and investing in infrastructure without compromising debt sustainability.