[stop-imf] Ghana to end dependency on IMF - President

[Robert Weissman]

*Warning: the story is not as exciting at the headline.

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*www.ghanaweb.com: General News of Thursday, 8 September 2005*

*Ghana to end dependency on IMF*

 Accra, Sept. 8, GNA - President John Agyekum Kufuor, on Thursday,
announced the decision by the Government to wean Ghana off its
dependency on the International Monetary Fund (IMF) for financial support.

He said the bold structural reforms within the last five years had
brought the country's economy to a point where "the nation must assume
full responsibility for its own policies".

This, he said, was going to reflect in the incoming budget to be
presented to Parliament.

President Kufuor was speaking during a visit by Dr Abbas Mirakhor,
Executive Director for Ghana at the IMF, at the Castle, Osu. The
Government's decision does not mean, the country is severing its
relationship with the Fund. It would continue to remain a member and a
shareholder as well as maintain policy dialogue with it, only that the
structure of the relationship, this time, is going to change. Ghana
would be consulting the IMF as a full- blown and respected member and
determine the rate at which it goes in the management of its economy.

President Kufuor said, "as with many other member countries of the Fund,
who are effectively managing their economies and recording sustained
growth in a stable environment, we will continue our close collaboration
with the Fund, and all the other international financial institutions."
He said the country would work to deepen its economic reforms based on
sound policies and a commitment to transparency, accountability and good
governance.
It would go to all lengths to ensure the achievement of the Millennium
Development Goals with the assistance of the nation's development partners.
He said Ghana was grateful for all the support it had received from the IMF.
President Kufuor conferred a State Honour, "Companion of the Order of
Volta" on Dr Mirakhor.
A Citation accompanying the Honour said his assistance has contributed
in no small measure to the revamping of Ghana's economy, reducing
poverty and improving the general well-being of Ghanaians. "Under your
directorship and sound advice, the Government of Ghana has had funds
approved for its programmes and needs by the IMF and is gradually
gaining access to the international capital market." Dr Mirakhor lauded
the Government for maintaining fiscal discipline and courageous
structural reforms.
He said the deregulation of the petroleum sector, the two billion
dollars lost through under-pricing of petroleum by the country since
1985, could have been saved and used to support other critical sectors
of the economy, like education and health.
Dr Mirakhor said contrary to perceptions by some Ghanaians, poverty had
gone down by between 7-8 per cent and that it was still, on the decline.
Speaking to newsmen later, Mr Joseph Henry Mensah, the Senior Minister,
said, by the government's decision, the country should have the
"political stamina and managerial capacity to stay on course." He said
though unfavourable external circumstances were partly responsible for
the problems of the economy, poor management in the past was also to blame.


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*Source*: GNA