\n
Dr Mohammed Amin Adam, the Minister of Finance, has announced that a sector-wide audit of the energy sector will be conducted as part of the International Monetary Fund-supported programmes.<\/p>\n
He also mentioned that the government will strengthen the implementation of the cash waterfall mechanism as part of the reforms.<\/p>\n
During a joint press conference by the Government of Ghana and the International Monetary Fund (IMF) on Saturday, April 13, he emphasized the government\u2019s plan to review the Public Utilities Regulatory Commission\u2019s tariff-setting methodology to reduce or eliminate discretion.<\/p>\n
He stressed the need for transparency in the formula and process of tariff setting.<\/p>\n
\u201cFor the Energy Sector, in particular, we have discussed the possibility of ensuring that the shortfall in the sector is reduced. The reforms we are pursuing as well as new ones will continue to be implemented.<\/p>\n
\u201cWe will, for example, conduct a sector-wide audit of the energy sector, strengthen the implementation of the cash waterfall mechanism, review the PURC tariff setting methodology to reduce or eliminate discretion and also to make the formula and the process of tariff setting more transparent.\u201d<\/p>\n
He acknowledged the successes Ghana has achieved but noted that the energy and cocoa sectors require more attention. Regarding the cocoa sector, he assured that the cost-cutting measures being implemented by the Ghana Cocoa Board (COCOBOD) will be closely monitored.<\/p>\n
\u201cOn the Cocoa sector, we will continue to pay attention to the cost-cutting measures being implemented by Cocobod as well as continue to rationalize the cocoa road sector to make more resources available to complete ongoing road projects.\u201d<\/p>\n
He expressed the government\u2019s commitment to the effective implementation of the IMF programme and the assurance of sustained growth and stability of the Ghanaian economy.<\/p>\n
\u201cAs we forge ahead, we remain committed to the effective implementation of the IMF programme and ensuring sustained growth and stability of the Ghanaian economy. With the support of
all stakeholders, we are confident in our ability to achieve our objectives and build a stronger and more resilient nation,\u201d he said.<\/p>\n
On Saturday, April 13, 2024, the IMF released a statement disclosing that it has reached a staff-level agreement on the review of the extended credit facility with Ghana.<\/p>\n
Click to read the joint press conference by IMF-MoF<\/span><\/p>\n\u2014\u2013<\/p>\n
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