President Mahama optimistic 3 year IMF prog will help consolidate  Ghana's fiscal efforts 


President John Mahama, is optimistic the three year IMF programme will help largely in consolidating the country's fiscal efforts and advance governments economic transformation agenda. 

Negotiations with the IMF will be concluded next month and the programme will be signed by the end of the year. 

President Mahama, was speaking on Ghana's Economic Transformation, Progress and Challenges in Policy implementation, at a Chatham house event as part of his visit to the United Kingdom.
 
Pascaline Adadevoh reports from London that  President Mahama a visitor to Londons Royal Institute of International Affairs, Chartham House was given audience to speak on Ghana's success stories.
 
He started off by assuring investors that Ghana's decision to go on the IMF programme is a major step towards transforming the economy. 

President Mahama, said the vision of his government to improve Ghana's economy and transform it from the current huge import based one to an export based one. He described the current situation where the country depends largely on imports as a precarious one.

President Mahama, said what his government intends doing is doing in the short term is to develop the imdustrial and manufacturing base of the country by supporting local businesses to process raw products into finished goods for the domestic and export market. Last year alone, it cost the country more than four hundred million dollars to import rice, sugar and vegetable oil.  

On the other hand, the Export, Trade, Agriculture and Industrial Development Fund, EDAIF under the Ministry of Trade and Industry has approved 19 million dollars to support local manufacturing companies to expand  and increase production. Government is also promoting Public Private partnerships to boost the Manufacturing sector. 

The DIHOC shoe factory in Kumasi, the Komenda Sugar plant and the Shea processing plant in Buipe are all examples of such partnerships

Meanwhile Ghana's Minister of trade and Industry Ekow Spio-Garbrah, says the issue of Ghana going to the IMF and the Ebola threat is not a hindrance to investor interest. 

Mr Spio-Garbrah, who has sat in meetings with President Mahama, in London told Radio Ghana in an interview that investors have shown overwhelming interest to invest in various sectors of the economy. According to him, the IMF and Ebola issues are secondary

GBC