Ghana assures IMF of ‘wise’ spending in election year

Ghana’s President John Evans Atta Mills on Tuesday said despite 2012 being an election year with economic challenges, the Government would take decisions and actions in the supreme interest of the people.

He observed that an election year was more difficult than the ordinary ones, but the Government was determined to use the resources to the benefit of the people.

President Mills gave the assurance when a delegation from the International Monetary Fund (IMF), led by Madam Daseking, Head of Ghana’s Team at the Fund, on an assessment tour of Ghana’s economy paid a courtesy call on him at the Osu Castle in Accra.

He commended the (IMF) for its assistance to the socio-economic development and partnership for social interventions to improve the lives of the people.

President Mills said Government was ready to dialogue, and tap into the expertise of the Fund and would continue to maintain the relationship it had had with the Fund over the years for mutual benefits.

Ghana’s economy, according to Madam Daseking, had a very strong fiscal situation last year, but was now facing challenges as a result of increase in the global price of oil without a corresponding increase in the domestic price.

She said subsidies on fuel were also going up rather to the benefit of people in the higher income groups.

She expressed strong confidence in the Mills Administration commitment to fiscal discipline.

Madam Daseking said the Fund would want to increase its social intervention programmes to the benefit of more vulnerable people.

Present at the meeting were Dr Kwabena Dufuor, Minister of Finance and Economic Planning, Mr Kwesi Bekoe Amissah Arthur, Governor of Bank of Ghana, and Mr Henry Martey Newman , Chief of Staff at the Office of the President.

In the entourage of the Madam Daseking were; Mayne Mitchell, the IMF Representative in Ghana and Mr Jafarr Mojarrad, Executive Director, IMF.

Source: GNA