Council of State Chairman calls for unity and optimism in pursuit of economic recovery amid IMF programme
Nana Otuo Siriboe II, Chairman of the Council of State, has called upon Ghanaians to unite in a show of solidarity and support for the government’s ambitious economic recovery program. Speaking at a high-level Council of State meeting attended by Finance Minister Ken Ofori-Atta and other key government officials, Chairman Otuo Siriboe II emphasized the importance of optimism and resilience in the face of current challenges, asserting that Ghana is on the cusp of a brighter future.
Highlighting the recent approval of the International Monetary Fund (IMF) Program as a pivotal moment for the country, Chairman Otuo Siriboe II declared, “There is light ahead for Ghana. We must remain optimistic and steadfast in our belief that our country will overcome the challenges it currently faces.” The Chairman expressed his unwavering optimism about the country’s economic prospects, stating that the IMF program would not only invigorate Ghana’s growth trajectory but also pave the way for further opportunities in economic recovery.
With the IMF’s $3 billion bailout now secured, Chairman Otuo Siriboe II stressed that this presented a unique opportunity for Ghana to reboot its economy. He called upon Ghanaians to embrace this opportunity and work together to maximize the benefits of the program. By joining forces and exhibiting unity, Ghana can achieve remarkable progress and build a prosperous future for all its citizens, he argued.
Finance Minister Ken Ofori-Atta, who was present at the meeting, acknowledged the significant strides already made in Ghana’s recovery journey. “We have come a long way, and we are determined to continue on this path of progress,” Minister Ofori-Atta affirmed. He took the opportunity to outline Ghana’s comprehensive Post Covid-19 Programme for Economic Growth (PC-PEG), which encompasses four key objectives aimed at propelling the country forward.
The first objective of the PC-PEG focuses on restoring macroeconomic stability, with measures aimed at managing inflation, stabilizing the exchange rate, and creating a favorable business environment. Minister Ofori-Atta emphasized the government’s commitment to implementing comprehensive tax administration reforms and prudent fiscal policies to ensure a solid economic foundation.
Addressing Ghana’s fiscal challenges forms the core of the PC-PEG’s second pillar. Minister Ofori-Atta highlighted the government’s determination to bring fiscal operations and public debt to sustainable levels. To achieve this, the government will implement a series of measures, including comprehensive tax reforms and policies aimed at promoting fiscal discipline.
The third objective of the PC-PEG revolves around implementing structural reforms. Minister Ofori-Atta emphasized the importance of improving the business environment, attracting private sector investments, and bolstering infrastructure development. Additionally, the financial sector will receive support through regulatory forbearances and the operationalization of the Ghana Financial Stability Fund (GFSF).
The final objective of the PC-PEG is centered around promoting strong and inclusive growth while safeguarding the welfare of the poor and vulnerable. The government’s plan entails stimulating economic activity, creating job opportunities, and attracting investments. Simultaneously, social safety nets and targeted support programs will be implemented to protect the most vulnerable segments of society, ensuring that the benefits of the recovery are widely shared.
Expressing his gratitude to Finance Minister Ken Ofori-Atta and his team for their dedication and tireless efforts in formulating the growth program and securing IMF support, Chairman Otuo Siriboe II encouraged the government to continue spreading the message of hope and progress throughout the nation. With unity, resilience, and unwavering belief in Ghana’s potential, Chairman Otuo Siriboe II believes the country can overcome its current challenges and embark on a path of renewed growth and prosperity.
