Let’s take personal responsibility in repairing broken economic walls – Ofori-Atta

Finance Minister, Ken Ofori-Atta, has called on the public to rally behind government’s effort in addressing the current economic challenges.

According to him, there is the need for all hands to be on deck in helping restore the economy to its glory.

Responding to a question from JoyNews’ Ebenezer Sabutey on the public’s confidence in the economy at a presser on Monday, he reiterated that the country is going through hard times; and therefore a collective approach from all stakeholders is needed.

“We did assume an IMF programme which we successfully went through. So we should be hopeful that when we commit to this programme, we also are going to successfully go through. And I think that has to be the overriding sense of determination to get through this. If not, then we can’t as a people walk through this. So it’s important that we all take our personal responsibilities towards rebuilding this broken wall”, he said.

He also remarked that, “[On] the issue of market confidence, the challenge really for us as a nation is that we are where we are. The question really is what direction do we take? Do we take an orderly approach to it with cynicism, or a disorderly approach to allow things to just go. And I think that’s deeply the question that we should ask ourselves”.

Mr Ofori-Atta continued, “Where do we want our nation to go, where we are at this present time? And therefore how are we going to evangelise this message in a way that says that this is the orderly approach”.

Addressing journalists at the launch of government’s Debt Exchange Programme, he said the debt is part of key requirements for the government to get an economic deal from the International Monetary Fund.

According to him, the government has no choice but to undertake the debt restructuring programme to put the debt level on a sustainable path.

An IMF mission team is presently in the country to continue discussions with the authorities on the country’s post-COVID programme for economic growth and associated policies and reforms that could be supported by a new IMF lending arrangement.

The Minister however, reiterated that no individual bondholder will suffer a ‘haircut’ (loss in principal) in the proposed programme.

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