Restoring macroeconomic stability: We won’t sacrifice job creation, says Ofori-Atta

The Minister for Finance, Ken Ofori-Atta has said the government will not sacrifice growth and job creation in its quest to restore macroeconomic stability.

Ofori-Atta said specific interventions to support the country’s economic recovery process have been put in place to safeguard local businesses and jobs

Speaking at a press conference in Accra on Sunday (18 May), the minister said: “Government is very intentional in ensuring that growth and job creation are not sacrificed in the process of restoring macroeconomic stability and debt sustainability…”

“… to promote entrepreneurship through initiatives such as the YouStart programme to create more jobs, for the banking sector and faith-based organisations.”
Ofori-Atta said the government has an ambitious agenda for economic reform and urged stakeholders to be committed to the government’s structural reforms.

He said the strategies include improving the business environment, reducing the costs of doing business and enhancing export competitiveness.

IMF deal
The minister also said Ghana is set to complete its debt restructuring in the coming weeks.
Ofori-Atta said the country is in the process of getting a memorandum of understanding (MoU) with its bilateral creditors.

The minister said the agreement is expected before the next review of its US$3 billion loan from the International Monetary Fund (IMF)

“We’ve successfully worked with the Paris Club and other creditors to determine the parameters for official debt restructuring under the G20 common framework for debt treatment.”

“In the coming weeks, we will seek to complete the MoU on terms with bilateral debt treatment,” he added.
Ofori-Atta said Ghana will continue discussions with private creditors, Eurobond investors on external debt to reach an agreement with private creditors in the shortest possible time. We expect to finalise these negotiations before the next review, which is in September,” he said.