Mr. Speaker, besides the continuing adverse impact on national output as well as losses in foreign exchange and tax revenues, these latter setbacks have had a major impact on the value of the Cedi in early 2014.
It took several additional bold efforts and the reversal of compliance measures announced by the Bank of Ghana (BOG) to reverse and stabilize the currency. Thankfully, the Ghana Cedi has started showing signs of recovery, an explicit enunciation of the recovery and bright near term prospects.
Mr. Speaker, it was also at this critical juncture that the Government decided to request the IMF for Balance of Payments support that only comes from a funded IMF Program.
Indeed, the enhancements to the Home Grown Policies which would have expired in 2016/17 and outcome of the Senchi consultations have been used as vital input for the on-going Programme discussions with the IMF.
Mr. Speaker, the discussions have been progressing well and at the appropriate time, when we expect the IMF Board to approve the Programme, we will return to this August House with an update.