This statement was made by Mr. John Lipsky, First Deputy Managing Director of the International Monetary Fund (IMF) who visited Accra, February 16-17, 2010.

He said, 'In order to allow a return to a strong growth path that will lead to a significant reduction in poverty, the government needs to remain firmly committed to its macroeconomic stabilization program over the next two years. This includes strengthening budget implementation to create the fiscal space for oil production revenues to be dedicated to poverty-reducing programs.'

“The IMF stands ready to support Ghana in its efforts to meet macroeconomic challenges. In July 2009, our Executive Board approved a new PRGF-supported program amounting to US$602.6 million to help the country tackle budget imbalances. In addition, in the context of the allocation of Special Drawing Rights issued to all IMF members, Ghana received about US$450 million that will further support its official reserve position.

“Ghana has been selected to host AFRITAC-West II, the IMF's second regional technical assistance center in West Africa. This center will allow Ghana and five other African countries (Cape Verde, The Gambia, Nigeria, Liberia, and Sierra Leone) to benefit from the Fund's highly successful model of providing targeted regional technical assistance. For a country like Ghana, AFRITAC-West II will serve as a conduit for introducing international best practices into a range of economic management systems in the country.'