Ghana’s newly sworn in government says it may be seeking more funding from the International Monetary Fund, IMF, to cushion the economy and address the fiscal challenges. The incoming Finance Minister, Cassiel Ato Forson, said this on Thursday while answering question on the new government’s economic recovery strategy.
President John Mahama, who was sworn in few days ago, nominated Forson as the new Finance Minister with the task of solving the economic challenges in the country especially rising inflation, unstable exchange rate and cost of living crisis.
Ahead of a meeting with the IMF team, Forson said “We are committed to work with the IMF, but we also want to ensure that we can raise financing; additional finance, working with IMF and other domestic, international partners,”
Mahama returns as Ghana’s President having initially served one term between 2012 and 2017. Now, he is inheriting a country facing its worst economic crisis in decades. He has pledged to renegotiate the IMF bailout deal which was signed by the government of Nana Akufo Addo.
However, that pledge is now seen as a mere campaign rhetoric given the current reality on ground and the fact that the government may have to borrow more to meet its obligation.
Meanwhile, the incoming Finance Minister has promised that the government will cut wastage and unnecessary expenses while implementing policies that will grow investors confidence and create jobs in the country. He also pledged to overhaul the management of the crucial cocoa sector, which has been facing challenges in recent years.
Forson’s nomination is subject to Parliamentary approval and this will not be a problem since Mahama’s National Democratic Congress (NDC) party holds a two-thirds majority.
