The Minister of Finance, Ken Ofori-Atta is expected on Thursday, March 24, 2022, to announce decisions taken by the government towards putting the economy back on track.
This comes after a three-day crunch Cabinet meeting at Peduase. Ghana has had its fair share of the global economic downturn.
Citizens have been agitating over the continuous hike in petroleum prices, depreciation of the cedi against the major trading currencies with their resultant effects on the economy.
Addressing the Members of Council of State at the Jubilee House on March 22, 2022, President Akufo-Addo said he has directed the Finance Minister, Ken Ofori Atta to address the nation on steps taken by the government to ”salvage the deteriorating economy, brought on by the Covid-19 pandemic and the Russia-Ukraine war”.
Background
The meeting stems from the continuous depreciation of the cedi and the recent increments in fuel prices stemming from global pressures.
The deliberations, which started Friday at the Peduase Lodge and expected to end Sunday, March 20, 2022, had in attendance all NPP MPs, ministers, government appointees, and leaders of the ruling New Patriotic Party (NPP).
Giving information on the retreat, in a tweet on Thursday, a member of the governing New Patriotic Party (NPP), Gabby Otchere-Darko, suggested a national debate on whether to sign onto IMF conditionalities as a result of the challenges or push for the E-Levy Bill.
He said, “2022 began without the usual $3 billion injections of Eurobond cash. Govt’s post-COVID recovery GhanaCARES programme hinged partly on an E-Levy which Parliament may not even OK.
“There should be a national debate: Do we want IMF or E-Levy or both or none? Tough decisions confront Ghana,” he said.
IMF Not On Agenda
However, reports suggest the Akufo-Addo administration may not consider an IMF bailout for Ghana, despite acknowledging the dire economic situation the country finds itself in.
This is due to the fact that the IMF conversation is missing on the agenda of President Akufo-Addo’s crucial Cabinet retreat, taking place at Peduase in the Eastern Region.
A highly placed inside source told Citi News that the meeting, held quarterly, will also consider the reopening of the country’s land borders and discussions on the ever-rising fuel prices.
The opposition National Democratic Congress (NDC) has urged the government to “swallow its pride” and return to the IMF for help.
The government, on the other hand, has insisted on fashioning out and applying home-grown solutions to the country’s economic challenges.
Reopening Land Borders
The Cabinet retreat, which is in its second day, has already decided to reopen the country’s land borders, two years after they were closed.
Information Minister, Kojo Oppong Nkrumah, gave the hint Thursday.
President Akufo-Addo first closed the borders on Sunday, March 22, 2020, in a frantic effort to curtail or prevent the importation of the COVID-19 virus, which was then sweeping through the world.
