Finance Minister, Seth Terkper is leading a government delegation to attend the IMF/World Bank Spring Meetings currently underway in Washington, D. C.
The delegation also includes Governor of the Bank of Ghana, Dr. Kofi Wampah, Chairman of Parliament’s Finance Committee, James Avedzi and other officials from the Bank of Ghana and ministry of Finance.
For many this meeting is a crucial one for the country.
Joy Business gathers that Ghana is likely to table a request to the International Monetary Fund for a financial bailout.
Although the deputy minister of finance, Ato Forson would not challenge this, he says, any agreement reached with the IMF would look at a home-grown approach to restore macroeconomic stability.
Many analysts would be looking forward to the kind of assistance Ghana is likely to get from the IMF, especially now that Ghana is a lower middle income country.
Also, the issue about interest payment Ghana would be making and the accompanying conditionalities would be of major concern.
For instance conditionalities such as a total freeze on employment in the public sector and increases in public sector wages, removal of all ghost names from the wage bill, as well as a total withdrawal of subsidies on petroleum products and utility tariffs and limiting access to non concessional loans are sure to be considered.
Aside the statutory meetings with the Fund and the Bank, the delegation will meet with the World Bank Vice President for Africa and IMF Deputy Managing Director.
The delegation will also participate in seminars and forums such as the roundtable on “Increasing Agricultural Productivity in Africa: New Evidence to Guide Policy”; a seminar on “State of the Africa Region”; the “IMF Fiscal Forum: The Transition to Normality”; Implications for Fiscal Policy; and a seminar on “Meeting Africa’s Youth Employment Challenge” .
The spring meetings are mini gathering of finance ministers, central bank governors, civil society groups and some interest groups around the world aimed at tracking the performance of the world economy and make the necessary recommendations to ensure a stable monetary and economy in coming months.