Cedi to remain stable after IMF program – Prime Minister Osafo Maafo | Economy

Prime Minister, Yaw Osafo Maafo, explained the cause of the recent collapse of the local currency, explaining that it was due to a relentless government effort to successfully exit the facility. External Credit Facility (ECF) under the International Monetary Fund (IMF). .

He added that since Saturday, March 16, a government delegation was preparing to meet their counterparts from the IMF after the exit of Ghana from this facility.

After the meeting of Wednesday, March 20, confirmed Mr. Osafo Marfo, Ghana ended the program while the Cedi began to appreciate.

"I can say with confidence that the Cedi will remain stable for a while," said the former finance minister. He reported on Thursday at the annual conference of the Ghana Insurance Brokers Association in Kumasi.

He said the government would focus on reforms from the banking sector to the insurance sector, thus calling on insurance companies to consider a merger if necessary. "As a government, we are making tough decisions to clean up the banking sector. We will soon clean up the insurance sector also because the two are going together. "

The Prime Minister confirmed that Ghana had successfully left the IMF program put in place in 2015 by the former administration.

"We are now masters of our own economy," he said. "And that makes a big difference."

He explained that prior to the exit from the country program, she had been forced to respect seven prior actions.

"And some previous actions were unfavorable to the stabilization of the currency and this was the cause of the immediate, last month, the rapid depreciation of the Cedi."

But he badured that the efforts of the government to stabilize the currency would bear fruit.