![\"\"](\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/10\/Finance-Minister-Ken-Ofori-Atta_800x521-696x453.jpg\" "\\"Finance")
<\/div>\nGovernment has submitted its economic document (Post COVID-19 Programme for Economic growth)\u00a0to the International Monetary Fund (IMF) for programme support.<\/p>\n
The document is expected to give fine details on how the government intends to restructure the economy\u00a0and embark on the necessary reforms under an IMF programme.<\/p>\n
The Director of the African Department at the IMF, Abebe Aemro Selassie, disclosed this to journalists at an engagement in Washington DC on the sidelines of the 2022 Annual IMF\/World Bank meetings.<\/p>\n
According to him, the Fund has made some progress by fast tracking processes for an Economic Programme\u00a0 for\u00a0Ghana .<\/p>\n
He also disclosed that the IMF is now assessing\u00a0the economic reform plans submitted by\u00a0government.<\/p>\n
\u201cThe Government of Ghana sharing its economic plan with us, demonstrates its commitment as we have\u00a0already agreed on the economic programme with the authorities.<\/p>\n
\u201cPart of the work that\u2019s ongoing right now is to\u00a0assess what exactly the debt sustainability situation is, and how the Government would like to address that once the work has been completed,\u201d he explained.<\/p>\n
He stated that the IMF is currently waiting for the completion of the assessment to finalise the discussions.<\/p>\n
Status of IMF programme discussions for Ghana<\/strong><\/p>\n Finance Minister, Ken Ofori-Atta, has stated the government would want to enter into a progrmme with the IMF before the 2023 budget is presented to parliament in November, 2022.<\/p>\n Mr. Selassie has also stated that the IMF has made significant progress with Ghana.<\/p>\n \u201cDiscussions are proceeding well, I would say, and much will depend on how quickly this reform plan can be fleshed out,\u201d Mr Selassie said.<\/p>\n Inflation Rate Developments in Ghana<\/strong><\/p>\n Touching on inflation, Mr. Selassie said Ghana\u2019s high price levels could be largely driven by domestic factors, rather than externalities.<\/p>\n \u201cThere are some countries where inflation has clearly been driven more by domestic factors than exogenous factors and I think Ghana would fall in that camp\u201d.<\/p>\n Ghana inflation as ta September 2022 stood at 37.2 percent.<\/p>\n However, the Bank of Ghana has argued that the slowdown in the month on month rate, showed that its policy rate hikes are working.<\/p>\n This is despite the fact the Bank of Ghana has come under serious criticism over the effectiveness of its policy rate hikes.<\/p>\n Government on IMF programme negotiations<\/strong><\/p>\n Speaking at a news conference in Washington DC, Minister of State at the Finance Ministry, Charles Adu Boahen described discussions on the programme as \u201cvery positive\u201d.<\/p>\n \u201cProposals that we have put forward, in terms of the reforms and the fiscal adjustments are in line with what needs to be done to turn around Ghana\u2019s economy\u201d.<\/p>\n <\/p>\n