We’ll not rush to return to the capital market, says Ofori-Atta

The Finance Minister, Ken Ofori-Atta has said Ghana will not rush to return to the international capital market to borrow.

Addressing a press conference on Thursday (18 May) Ofori-Atta said, “… In addition to the revenue measures that we saw in the budget that are improving at GRA and that will give us the resource to move forward, curtailing and managing our expenditures are going to be important.

“There is no rush in going back to the international capital market, our expectation is that in managing our expenditure and increasing our revenue we will have the resources to do it.”

He added, “Working towards the capital market is important because we want to get our ratings up and make the country more attractive for investors, especially FDIs. So no one is rushing to the capital market at this juncture.”

The executive board of the IMF approved Ghana’s request for a US$3 billion bailout to support the country’s economic recovery on Wednesday (17 May).

The Fund said its support programme for the country will focus on reining in inflation and rebuilding the country’s foreign reserve buffers.

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