Ghana’s economy: Mahama’s first six months satisfactory – Seth Terkper

Economic Policy Advisor at the Office of the President, Seth Terkper, has indicated that President John Dramani Mahama is satisfied with the progress made by the Ghanaian economy in the first six months of his administration.

The former Minister for Finance also stated that the relative stability of the local currency and ongoing fiscal reforms are all evidence of improvement under the current government.

Speaking on Channel One TV on Monday, June 30, Mr. Terkper pointed to several macroeconomic indicators, including the successful completion of the fourth review of Ghana’s IMF programme, as clear signs of progress.

“As a halfway mark within the first year, I would say satisfactorily. Because there are measures that you have to use to say I’m consciously optimistic or happy.”

He explained that although the government is relatively new, it came into office with the experience needed to push key reforms forward. According to him, the fourth review is on track to go before the IMF Board in July, with encouraging feedback from visiting IMF staff.

“We came in as a new government, of course, with some experience to complete the 4th review of the IMF programme. It will be going to the board this July, all indications, including the staff, that is your measure.”

Terkper added that the government’s broader fiscal consolidation efforts are taking shape, particularly in the area of clearing outstanding liabilities.

“We know that we have a lot of liabilities to be paid, and we know one or two of them that were paid, like the pensions.

“The staff who came into the country are saying that things are going well. The various structures, measures, benchmarks and things have been met. You can be cautiously optimistic that the IMF board will pass your programme and you will get some injections into the economy, which is the essence of an austerity programme.”