Gov’t sets up 5-member committee to lead financial sector inputs in finalising IMF deal
Reports indicate that the government has set up a 5-Member Consultative Committee to lead the financial sector stakeholder engagements to reach a deal with the International Monetary Fund (IMF) in Ghana’s debt restructuring .
The group will examine views from financial sector players to deal with issues in the financial sector before reaching a deal with the IMF for an economic programme.
According to the Finance Ministry, the committee is chaired by Albert Essien, with Simon Dornoo as vice chair.
The other members of the Committee are Alex Asiedu, Mabel Nyarkoa Porbley, and Peter Enti.
The committee will be giving counseling and will among other things, lead discussions with the financial services industry and other stakeholders to provide industry-wide inputs and transmit industry concerns on debt management strategy to the Ministry of Finance and the Bank of Ghana.
The expectations and goals are to ensure orderliness and confidence in government’s negotiations with the IMF.
The committee is expected to give more power to the industry players on any decision that government will reach going forward in dealing with Ghana’s debt and the IMF programme.
The Finance Minister, Ken Ofori-Atta at a press briefing on September 26, 2022 announced that the committee will be set up for some broader stakeholder consultative inputs in finalising any deal with the IMF for an economic programme.
The Finance Ministry has also disclosed that a similar engagement will be undertaken with Ghana’s external bondholders.
“The stability of the domestic financial ecosystem is critical to a successful IMF-supported economic programme and government will take all necessary steps to protect the sector as we have done in the past,” the ministry said.
“We need the support and trust of all Ghanaians to ensure that a historic arrangement is reached with the IMF. We are confident that with such engagement and collaboration the Ghanaian way, will enable us to recover very quickly and strongly from our macroeconomic challenge”, it said.
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