A Former Advisor at the International Monetary Fund (IMF) Dr Emmanuel Oteng has asked the government to present a 2023 budget statement that restores confidence in the economy.<\/b><\/p>\n
He stated that due to the downgrade of the economy by the credit rating agencies, Ghana is no longer able to access the international capital market.<\/p>\n
To that end, he said, the budget will have to stipulate clearly, measures to the investors that the economy is picking for which they should invest in.<\/p>\n
Speaking in an interview with TV3\u2019s Sani Abdul-Rahman on Wednesday November 16 ahead of the budget presentation, he intimated that the government needs to demonstrate that it will be able to generate enough primary balance.<\/p>\n
\u201cWe have to ensure that we are able to get access to the international financial market. Because of the rating agencies downgrade of us, we don\u2019t have access now. But that reflects their concern that we are not able, essentially, to repay our debt.<\/p>\n
\u201cSo the budget that is coming, hopefully, should restore the framework to ensure that we are able to inspire confidence.<\/p>\n
\u201cHow do you inspire confidence? That you are able to have enough revenue to pay off debt, you are able to generate enough primary balance because the primary balance will be the result you will pay down debt eventually.<\/p>\n
\u201cIt will take time, it does not happen in a month or maybe couple of months or a year but you have to start building up surpluses to be able to repay debt so that they know that eventually, you are a country that you can trust, a country that we can lend to because you are a county that will be able to repay its debt. So it is important we send these signals.\u201d<\/p>\n
The Finance Minister Ken Ofori-Atta is working to present the budget on November 24, the Majority Leader in Parliament Osei Kyei-Mensah-Bonsu said\u00a0in Parliament on Friday November 11.<\/p>\n
\u201cGiven the circumstance now, the Minister has informed us, in fact, he has written, that he would rather prefer to come here and work everything out in such a way that on the 24th, he will do the delivery here,\u201d he said.<\/p>\n
The budget was supposed to have been presented on the 15th of November but Mr Kyei-Mensah-Bonsu indicated earlier that it was going to be pushed forward due to the ongoing negotiations with the\u00a0International Monetary Fund\u00a0(IMF).<\/p>\n
He said this to journalists on Thursday November 3.<\/p>\n
\u201cI am yet to have discussions with the Minister responsible for Finance to determine exactly when he will be able to present to us,\u201d he said.<\/p>\n
The Leader of Government business in Parliament added \u201cit will be difficult to submit to the 15th deadline, I don\u2019t know , I ma just conjecturing.\u201d<\/p>\n
\u201cNothing should be done which will eventually become wishy-washy. They want to have the best to be able to uplift us from where we are as a country.<\/p>\n
\u201cAnd that being the case, if we want to do a thorough job, I think there will be too much pressure if it has to be done on the 15th,\u201d he added.<\/p>\n
By Laud Nartey|3news.com|Ghana<\/strong><\/p>\n\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
A Former Advisor at the International Monetary Fund (IMF) Dr Emmanuel Oteng has asked the government to present a 2023 budget statement that restores confidence in the economy. He stated that due to the downgrade of the economy by the credit rating agencies, Ghana is no longer able to access the international capital market. To […]<\/p>\n","protected":false},"author":1,"featured_media":1251851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[82,4586,12067,7702,85,3074,5152,899,7794,11552],"class_list":["post-1251849","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-advisor","tag-budget","tag-confidence","tag-fmr","tag-ghana","tag-imf","tag-restore","tag-send","tag-signals","tag-trusted"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1251849","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=1251849"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1251849\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1251849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1251849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1251849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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