IMF Negotiations On Track –Finance Minister

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By Cecil Mensah

Despite speculations that the International Monetary Fund (IMF), negotiations with the government has collapsed by some elements in the opposition New Patriotic Party (NPP), the Minister of Finance, has stressed that the negotiations are still on track.

According to Mr Seth Terkper, the Fund, has subsequently fielded teams to Ghana for programme discussions.

He said, there have been three rounds of negotiations, one in the United States of America and two in Ghana with the Fund managers.

He said, the agreements have been reached on the objectives of the programmes and most of the measures required for the programme were consistent with the Home Grown policies of the Government.

He noted that the Home Grown policies, have been incorporated in the 2015 budget.

He explained that agreements have been reached on a number of structural benchmarks and prior actions for the programme as well.

The Minister dispelled these speculations, when he took his turn to brief the media on the 2015 budget in Accra.

He added that a draft Memorandum of Economic and Financial Policies (MEFP), has been prepared and discussed with the Fund.

He said, further discussions on the MEFP, would be held in the coming weeks, before it is finalized for submission to the IMF Executives Board for approval.

Wage negotiations, he said the 2015 minimum wage and 2015 base pay are currently underway.

He posited that government is mindful of the expiration in December 2014 of ten percent COLA which was granted to public servants for the 2014 fiscal year and as
well not to accumulate salary arrears in 2015.

“Organized labour, Employers and government are working tirelessly to conclude negotiations on minimum wage and the base pay as soon as possible Since the wage bill has been’’, he said

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