The Senior Minister, Yaw Osafo-Marfo, has said that government and the International Monetary Fund (IMF) have reached an agreement for government to roll out its ‘one district, one factory project’ as part of the review of the Extended Credit Facility (ECF) programme.
Speaking to the media in Accra, the Senior Minister said: “IMF has a programme with Ghana, and within the programme are certain restrictions. We have gone to fight for elections and we won based on our manifesto. In our manifesto, we said one district, one factory. So we need some fiscal space to implement that one.
And the IMF knows that we need it. They know that we are in power because we promised certain things. Therefore, we are marrying the two and so far, we have not had any problem. They have agreed,” he said.
He reiterated the need for government to continue to remain committed to the programme despite earlier assertions that government will discontinue it.
“The IMF programme provides market support for countries; it provides some confidence in you as a country and you do not want to give wrong signals to the market out there. When you are going to borrow, your interest rate depends on your ratings. The programme will help for people to put confidence in you as a country, so we must look at these things very carefully and make sure that Ghana does not lose its market value,” Mr. Osafo Maafo said.
Meanwhile, the IMF has expressed some concerns about the economy after it concluded its visit to the country to review the progress of the ECF programme, citing fiscal deficit deterioration as a major worry.
Joel Toujas-Bernate, leader of the mission, noted that: “In 2016, the overall fiscal deficit (on a cash basis) deteriorated to an estimated 9 percent of GDP, instead of declining to 5¼ percent of GDP as envisaged under the IMF-supported program. The large deviation was mainly due to poor oil and non-oil revenue performance and large expenditure overruns. As a result, the government’s debt-to-GDP ratio increased further to close to 74 percent of GDP at end-2016.”
He further welcomed government’s intention to control public spending and protection of the public purse.
“Significant public spending commitments that bypassed public finance management (PFM) systems were reported. We welcome the new government’s intention to conduct a full audit of outstanding obligations, its commitment to transparency and its readiness to take strong remedial actions to ensure the integrity of the PFM systems going forward.
The large financial imbalances of state-owned enterprises in the energy sector also need to be addressed with urgency to avoid the build-up of contingent liabilities for the new government. We welcome the new government’s commitments to encourage its departments and agencies to implement growth-enhancing reforms in a fiscally sustainable manner,” he added.
Source: B&FT
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You are talking too much. Just hold on to some of these info. They are not meant for everybody. You did same for the heritage fund saga. Just learn to keep quiet a bit until such time.......!
Npp has moved on !! Ndc can stay with FreeSHS Commentary !! More programs are rolling out !!
Look at his long piggy mouth
What do you need from IMF. A loan? I thought you said Mahama and his NDC have overborrowed and sold Ghana out now you are telling us what. Is IMF now your boss to endorse your 1 district 1 factory before you go ahead? Did you consult IMF before you made the pronouncement? What a shame? Nana Addo would certainly be impeached for lying to Ghanaians.
Massa; why are people so worried about DR Bawumia ; the man is alive and kicking ; he cannot do everything besides in the field of economic management the more economic and creative economic ideas the batter ;thid deficit was clearly exhibited by SEth Terpkor when he had these mediocre economic team inluding Ato Forson; Mona Quartey in the management of the economy and look at where we all ended up ; complete CHAOS !!!!!!besides annoucing strategies in the media does not mean Osafo-Marfo did all the work and decided any economic strategy ; what people should understrand is that Osafo _marfo is not and economist and not good at figures ; Bawumia and Akoto -Osei are the figure brains in the management of the economy besides you do not argue proposals with the IMF with subjective proposals ; you need facts and figures to back your case ; Dr Bawumia is the head of the economic management team and not Osafo -Marfo ; if anything it is Bawumis who sunctions every thing before it finally goes to Nana Addo and do not forget Nana is an economist himself and so nobody can roll his balls with economics except the fact that Nana Addo is not good at figures ; make no mistake Nana Addo listens to Dr Bawumia more than anybody in the team ; Osafo -Marfo tantrums in the media is just self agggradisement ; the man operates as an errand boy and the fact that he comes to the public to 'pipe up' his arrogant thoughts does not mean he is in charge ; besides if Nana Addo smells any attempts by Osafo Marfo to assume the role of an arrogant BIG MOUTH in the team ; trust me Nana Addo will come on Osafo -Marfo like a ton of bricks .
Seen who is talking ndc-3 with sharp teeth guys headed by JDM, who came to enriched himself than mother Ghana.IMF new we now have a Government who has Ghanaian @ hearts irrespective of who lead the economy team.This is not a children's play as incompetent JDM & his administration did.If u care to know listing to Ayariga's tape 80℅ for oldman 20℅ for investor shame ***barred word*** ***barred word***
OPEN LETTER TO NANA ADDO,SIR,UR EXCELLENCE, THE PRESIDENT OF GHANA,YES THE YOUTHS OF GHANA VOTED FOR U SO THAT THEY LIFE WILL BE BETTER,BUT NOW, THEY COME TO ME TO COMPLAIN THAT THEIR HUNGRY,PLEASE KINDLY START THE ONE DISTRICT ONE FACTOR NOW BEFORE THEY LOSE THEIR TEMPER,THEY LIKE YOU BUT THEIR HUNGRY,( A HUNGRY MAN IS AN ANGRY MAN,)THEY COME TO MY HOUSE EVERY DAY FOR FOOD,MONIES AND OTHER THINGS, IN OTHER NOT FOR THEM TO DEMONSTRATE FOR N,D,N C TO LAUGH AT N,P,P YOU SHOULD START THE ONE DISTRICT ONE FACTORY BY TOMORO FOR THEM TO GET MONIES IN TO THEIR POCKETS, ,,ACT NOW. FROM CONCERN PEOPLE OF GHANA . NOTE, GHANA PEOPLE, I HEAR THAT N,D,C THE NATION WRECKERS SAY THEY WANT TO GO ON DEMONSTRATION ON 24/FEBRUARY, ALL GHANA PEOPLE MUST SHUN THEM,MOCK AT THEM,LAUGH AT THEM,SACK THEM AND JOCK AND HOOT AT THEM, AFTER READING SEND THIS LETTER TO NANA ADDO AND ALL THE MINISTERS..
But where is Bawumia he suddenly gone into hiding. Agyeeeeeee
God bless u Senior Minister for the good work u r doing for mother Ghana. Some people will prefer u keep things secret and mismanage our money just like the previous government did. Secondly, they expect first and second gentlemen of the land to be doing the work of a minister just like their formal president was doing, disgracing himself(***barred word*** syndrome) for example. Everybody knows npp is not tribalistic and majority in parliament endorsing Otiko is a fine example. The President and his Vice has a great duty to perform and will not be doing the work of a minister if critics must know. God bless mother Ghana.