Ghana commits to fiscal discipline to mitigate economic headwinds

Accra, July 16

The Ghanaian government is committed to fiscal measures to help mitigate the impact of global economic headwinds on the local economy, the Ministry of Finance said in a statement.

The statement was released on Friday after the first round of talks with the International Monetary Fund (IMF) to aid Ghana in overcoming turbulent domestic and global economic upheavals.

The government of Ghana would continue to work closely with the IMF in the coming weeks to complete the enhanced economic program in support of a robust economic recovery, Xinhua news agency reported quoting the the statement.

"The Ministry of Finance further assures Ghanaians of the government's steadfast commitment to a speedy economic recovery towards achieving a Ghana Beyond Aid," the statement said.

Ghana Beyond Aid is the vision announced by President Nana Addo Dankwa Akufo-Addo in 2017 to pursue a foreign aid-free country.

Ghana announced on July 1 its decision to start negotiations with the IMF for an economic bailout amid crippling global and domestic economic disruptions.

At the end of the initial discussions, the IMF announced late Wednesday its commitment to support Ghana in overcoming the current economic challenges.

"We reaffirm our commitment to support Ghana at this difficult time, consistent with the IMF's policies," said the IMF.