IMF programme renegotiation will be guided by plans to reset economy – Terkper

Former Finance Minister Seth Terkper has outlined that President-elect John Mahama’s proposed renegotiation of Ghana’s IMF program will be driven by the goal of addressing the current economic challenges and stabilizing the economy.

Terkper explained that the renegotiation would focus on critical issues like the Primary Balance, debt management, and “smart borrowing” strategies to finance expensive debts and financial commitments. He emphasized that the review would also examine the fiscal consolidation measures and key benchmarks under the program.

Terkper rejected concerns that renegotiating the IMF deal would negatively affect investor confidence, stating that the government has already engaged with development partners to address their concerns.

Additionally, President-elect Mahama has pledged to reduce several taxes, including the E-levy and COVID-19 levy, as part of his plans to ease the tax burden.

Terkper assured that measures are being put in place to manage any economic shocks resulting from these changes, ensuring the economy does not suffer.