The Minister claims that this new sum represents a revised estimate of the $1 billion the country had anticipated.
Mr. Ofori-Atta claimed in an interview with Joy News that the new amount was the result of changes in the nation’s economic fortunes.
The government’s Enhanced Domestic Programme, which would serve as the framework for talks with the IMF about a program, is expected to be finished by the end of September this year, according to the Finance Minister.
As it works to complete work on its Enhanced Domestic Programme this summer, Mr. Ken Ofori-Atta said that the government is optimistic about securing a programme with the IMF next year.
Negotiations for programs typically take six months, but they have already begun for support for the balance of payments.
The Minister said, “We are considering a three-year program, hoping that IMF program changes will be finished in two years.
Ken Ofori-Atta also revealed that after Ghana is able to reach an agreement with the IMF, they would be allowed to access the Eurobond Market. The country’s funding gaps will be filled by this.
The minister also disclosed that hastening the end of the IMF program will aid in regaining investor confidence in the economy.
Mr. Ofori-Atta has stated that government hopes to largely rely on the GIFMIS program to evaluate all expenditure over the next five months. Government has battled over the years to hit its income target and curb Budget overruns.
As the government implements some of its fiscal policies for the upcoming five months, the minister argued that this will aid in regaining economic confidence.