We Will Not Rush To Return To Capital Market - Ofori-Atta

Finance Minister, Ken Ofori-Atta has emphasized the country’s commitment to fiscal responsibility, stating that Ghana will not hastily seek to return to international capital market for borrowing. Speaking at a press conference on Thursday (May 18), Ofori-Atta highlighted the importance of revenue measures and prudent expenditure management in ensuring financial stability and sustainability.

He further acknowledged the revenue-enhancing measures outlined in budget, particularly improvements at the Ghana Revenue Authority (GRA), which are expected to provide the necessary resources for the country’s progress. He stressed the significance of curtailing and effectively managing expenditures to achieve long-term financial goals.

The Finance Minister emphasized that Ghana will not rush back to the international capital market, as the government aims to rely on improved revenue streams and expenditure management to meet its financial requirements. There is no rush in going back to the international capital market. Our expectation is that, by managing our expenditure and increasing our revenue, we will have the resources to address our needs.

Furthermore, Ofori-Atta highlighted the importance of working towards an improved position in the capital market, aiming to enhance Ghana’s credit ratings and attractiveness to investors, particularly foreign direct investment (FDI).

The International Monetary Fund (IMF) on Wednesday approved Ghana’s request for a $3 billion bailout to support the country’s economic recovery. The IMF’s support program for Ghana will primarily focus on controlling inflation and rebuilding the country’s foreign reserve buffers, contributing to overall economic stability.