IMF deal has achieved short-term targets, but the task ahead is daunting – Seth Terkper

Former Finance Minister Seth Terkper has asserted that while the government has achieved some short-term targets, more efforts are needed to fully realise the benefits of the $3 billion bailout agreement with the International Monetary Fund (IMF).

Despite the progress made in meeting short-term objectives, Mr Terkper believes that the government must do more to leverage the deal for maximum benefit.

Speaking in an interview on JoyNews’ AM Show on Monday, April 15, Terkper emphasised that the success of the IMF bailout is not solely dependent on short-term targets.

He stressed the importance of addressing broader challenges to ensure that Ghana reaps the full advantage of the agreement.

Terkper noted that the task ahead remains formidable, requiring concerted efforts from the government to tackle underlying issues and capitalise on the opportunities presented by the IMF deal.

The former Finance Minister stressed the need for sustained commitment and strategic planning to navigate the complexities of Ghana’s economic landscape.

However, Terkper expressed optimism that the achievements in meeting short-term targets could serve as a foundation for broader accomplishments.

He suggested that building upon these initial successes could facilitate Ghana’s reintegration into the international market, paving the way for long-term economic stability and growth.

We may be doing well in the short term, which is what the programme is about. We may be doing well but I think we should not be complacent about short-term achievements.”

“If you look at the programme the task ahead is daunting, and I don’t use that word advisedly and a lot more will have to be done,” he said.

Ghana has achieved a significant milestone by reaching a Staff-Level Agreement with the International Monetary Fund (IMF) for the second review of the Extended Credit Facility.

This development paves the way for the release of $360 million by the IMF, pending approval by the IMF Board.

The agreement was reached following a series of meetings held in Accra from April 2 to 12, led by an International Monetary Fund (IMF) staff team, with Stéphane Roudet, the Mission Chief for Ghana, at the helm.

These discussions focused on assessing the progress of reforms and identifying the authorities’ policy priorities within the framework of Ghana’s three-year program under the Extended Credit Facility.