{"id":1158979,"date":"2022-07-26T10:39:01","date_gmt":"2022-07-26T10:39:01","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/07\/26\/imf-bailout-a-short-term-measure-ofori-atta\/"},"modified":"2022-07-26T10:39:01","modified_gmt":"2022-07-26T10:39:01","slug":"imf-bailout-a-short-term-measure-ofori-atta","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/07\/26\/imf-bailout-a-short-term-measure-ofori-atta\/","title":{"rendered":"IMF bailout a short-term measure \u2013 Ofori-Atta"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/07\/maxresdefault-35-1024x576.jpg\" \/><\/p>\n<div>\n<p><div class=\"youtube-embed\" data-video_id=\"Evu8QIGNOzY\"><iframe loading=\"lazy\" title=\"Going to IMF is a short term measure for balance of payment support \u2013 Ofori-Atta\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/Evu8QIGNOzY?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/p>\n<p>Finance Minister, Ken Ofori-Atta has said that the government\u2019s decision to seek an International Monetary Fund (IMF) bailout is a short-term measure of the balance of support for the economy.<\/p>\n<p>His comment is based on Ghana\u2019s return to the Fund after he earlier claimed that the country had bright economic prospects.<\/p>\n<p>Presenting the Mid-Year Budget to Parliament for approval, he stated that in the long term what Ghana \u201creally needs is a major structural shift in our economy.\u201d<\/p>\n<p>He explained that the structure of the economy is still largely primary despite the numerous attempts to structurally transform it through various industrialisation programmes.<\/p>\n<p><!-- \/22191989129,1002554\/MGL\/mgl_ado_atunwa_300x250 --><\/p>\n<p>\u201cWe are heavily reliant on primary commodities, extractive industry and are price takers on the market. Our capacity and productivity remain low both in the public and private sectors. There are huge inefficiencies as well as limited skills to foster our development and improve the standards of living,\u201d he pointed out.<\/p>\n<p>According to him, as a result of the heavy reliance on primary commodities, \u201cany adverse global development impacts us negatively no matter how efficient we manage the economy.\u201d<\/p>\n<p>This, in his view, is a reason President Akufo-Addo\u2019s \u201cvision of a Ghana Beyond Aid is critical.\u201d<\/p>\n<p>He said the vision is \u201cto reduce our vulnerability to global shocks.\u201d<\/p>\n<p>\u201cOver the last few years the implementation of our flagships including the 1D1F, the Planting for Food and Jobs, the Road and Railway development programme and our recovery programme the GhanaCARES \u201cObaatan Pa\u201d, will add value to our products,\u201d he noted.<\/p>\n<p>He proposed that to increase productivity in the private and public sectors of the economy, the government will \u201cimplement programmes such as the YouStart as well as the Training and Retraining programme to enhance the skills of Ghanaians, especially the youth.\u201d<\/p>\n<p>            <!--  [embed]https:\/\/www.youtube.com\/watch?v=videoseries[\/embed]<!--\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>--><\/p>\n<div class=\"youtube-embed\" data-video_id=\"wLnm-P1vIz0\"><iframe loading=\"lazy\" title=\"Minority describes statement as \u2018empty\u2019 \u2013 Adom TV News (25-7-22)\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/wLnm-P1vIz0?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Finance Minister, Ken Ofori-Atta has said that the government\u2019s decision to seek an International Monetary Fund (IMF) bailout is a short-term measure of the balance of support for the economy. His comment is based on Ghana\u2019s return to the Fund after he earlier claimed that the country had bright economic prospects. Presenting the Mid-Year Budget [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1158981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[4832,3074,1338,2089,21432],"class_list":{"0":"post-1158979","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-bailout","9":"tag-imf","10":"tag-measure","11":"tag-oforiatta","12":"tag-shortterm"},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1158979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1158979"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1158979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1158979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1158979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1158979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}