Government seeks IMF bailout to solve economic challenges.

President John Mahama has directed that immediate steps should be taken to engage the International Monetary Fund (IMF) and other developmental partners to help the country out of the current economic challenges

That is one of the major resolutions reached after he met the Presidential Advisory Committee on the Economy Friday.

The meeting was to reflect on the range of issues affecting the economy, its impact on businesses and work out strategies to restore confidence in the economy.

A statement signed by the Minister of Communications, Dr Edward K. Omane Boamah said the President has also directed that urgent measures be taken to stabilise the fallen cedi.

It said the President has also demanded that urgent measures be taken to expedite the coming on stream of domestic gas supplies to provide cheaper fuel for power generation as well as minimise the foreign exchange burden of crude oil imports.

Below is the full statement by the Minister for Communications

OUTCOME OF PRESIDENTIAL ADVISORY COMMITTEE ON ECONOMY MEETING

President John Mahama met the Presidential Advisory Committee on the Economy on 1st August, 2014 at the Flagstaff House to reflect further on the range of issues affecting the Ghanaian economy.

The Committee’s discussions focused on measures aimed at restoring macroeconomic stability, promoting growth and improving the living conditions of the people.

Arising out of the deliberations, the President reaffirmed the Government’s continuing commitment to a liberal Foreign Exchange regime that provides, among others, incentives for Ghanaians, both at home and abroad, as well as Foreign Investors to invest in Ghana.

The President further decided that as a matter of urgency measures be taken to stabilize the Cedi in order to bring about greater predictability to the business environment.

With respect to the energy situation in the country the President directed that urgent measures be taken to expedite the coming on stream of domestic gas supplies to provide cheaper fuel for power generation as well as minimise the foreign exchange burden of crude oil imports.

Lastly, the President directed that immediate initiatives be taken to open discussions with the International Monetary Fund and other Development Partners in support of our programme for stabilisation and growth.

Signed:

Edward K. Omane Boamah (Dr)

MINISTER FOR COMMUNICATIONS

Accra- August 2nd, 2014