{"id":11348,"date":"2023-05-24T16:08:58","date_gmt":"2023-05-24T16:08:58","guid":{"rendered":"https:\/\/expressnewsghana.com\/?p=11348"},"modified":"2023-05-24T16:08:58","modified_gmt":"2023-05-24T16:08:58","slug":"imf-deal-cushioned-us-to-borrow-more-akufo-addo","status":"publish","type":"post","link":"https:\/\/expressnewsghana.com\/?p=11348","title":{"rendered":"IMF Deal Cushioned Us to Borrow More \u2013Akufo Addo"},"content":{"rendered":"<p><strong>President Nana Addo Dankwa Akufo-Addo has revealed plans to return to the International market to borrow to fund infrastructural projects following the successful completion of Ghana\u2019s $3 billion deal with the International Monetary Fund.<\/strong><\/p>\n<p>Speaking at the Qatar-Africa Economic Forum in Doha, Mr. AKufo-Addo said even though his government is in no rush to return to the international market, it makes sense to take advantage of the market now and make some savings.<\/p>\n<p>\u201cWe have positioned ourselves to be able to go back into the International market which had been a source of funding for us during the first three or four years of our government,\u201d the president said, adding, \u201cThere is no rush but obviously why not take advantage of global savings, it makes a lot of sense to me. We will try as much as possible to maintain the discipline which is required and the most important requisite for a successful programme.\u201d<\/p>\n<p>The Finance Minister, Ken Ofori-Atta had earlier emphasized Ghana\u2019s commitment to fiscal responsibility, stating that Ghana will not hastily seek to return to the international capital market for borrowing.<\/p>\n<p>Speaking at a press conference on Thursday (May 18), Ofori-Atta highlighted the importance of revenue measures and prudent expenditure management in ensuring financial stability and sustainability.<\/p>\n<figure id=\"attachment_11349\" aria-describedby=\"caption-attachment-11349\" style=\"width: 300px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-medium wp-image-11349\" src=\"https:\/\/expressnewsghana.com\/wp-content\/uploads\/2023\/05\/licensed-image-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/expressnewsghana.com\/wp-content\/uploads\/2023\/05\/licensed-image-300x200.jpg 300w, https:\/\/expressnewsghana.com\/wp-content\/uploads\/2023\/05\/licensed-image-600x400.jpg 600w, https:\/\/expressnewsghana.com\/wp-content\/uploads\/2023\/05\/licensed-image-1024x683.jpg 1024w, https:\/\/expressnewsghana.com\/wp-content\/uploads\/2023\/05\/licensed-image-768x512.jpg 768w, https:\/\/expressnewsghana.com\/wp-content\/uploads\/2023\/05\/licensed-image-1536x1024.jpg 1536w, https:\/\/expressnewsghana.com\/wp-content\/uploads\/2023\/05\/licensed-image.jpg 2048w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-11349\" class=\"wp-caption-text\">Akufo-Addo<\/figcaption><\/figure>\n<p>He further acknowledged the revenue-enhancing measures outlined in the budget, particularly improvements at the Ghana Revenue Authority (GRA), which are expected to provide the necessary resources for the country\u2019s progress.<\/p>\n<p>\u201cThere is no rush in going back to the international capital market. Our expectation is that, by managing our expenditure and increasing our revenue, we will have the resources to address our needs.\u201d<\/p>\n<p>President Akufo-Addo also disclosed that the government will begin rigorous expenditure cuts to meet the conditionalities of the International Monetary Fund (IMF).<\/p>\n<p>He said the government is eager to turn the fortunes of the country around and will do everything possible to ensure that the ailing economy is revived.<\/p>\n<p>Mr Akufo-Addo expressed confidence that the IMF bailout will help revive the Ghanaian economy.<\/p>\n<p>\u201cRationalisation of our expenditure, rationalization of government expenditure is something that we have given the assurance. Domestic revenue mobilisation is absolutely critical for us, and already we are seeing signs.<\/p>\n<p>\u201cWe have a fiscal responsibility law in Ghana that has pegged our fiscal deficit at 5 percent but already we are way above that and the sooner we can bring that to more acceptable levels the better for us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Nana Addo Dankwa Akufo-Addo has revealed plans to return to the International market to borrow to fund infrastructural projects following the successful completion of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[2827],"class_list":["post-11348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-imf-borrow-more-ghana-akufo-addo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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