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afrol News, 7 February - The IMF this week stated it "regretted that inaccurate monetary data had been reported" by the former Ghanaian government. The new government has disclosed the manipulated numbers and started repaying the loans Ghana should not have received. Eduardo Aninat, IMF Deputy Managing Director, noted positively that revised data had been "provided promptly to the IMF at the initiative of the new authorities." The triggered numbers especially referred to the old government's spending on poverty reduction. The new government of Ghana, led by President John Agyekum Kufour, came into power one year ago and has looked into the businesses of Jerry Rawlings' two-decades presidency. In addition to the financial review, President Kufour is launching a "national reconciliation process" to hear the political grievances under Rawlings' regime. Rawlings' government had manipulated Ghana's economic data to meet targets in the IMF's Poverty Reduction and Growth Facility. The stock of reserve money, actually high, was underreported. The Bank of Ghana also underreported the country's external debt, probably following government orders. The tricked numbers secured Ghana some US$ 100 million (120 million euro) loans it was not entitled to. Immediately upon taking power, Kufour's government "significantly tightened monetary policy," according to the IMF. In October 2001, the new Ghanaian authorities however informed the IMF of an upward revision to data on the stock of reserve money and has since paid back some of the money. This week the IMF waived repayment of the rest of the loans Ghana was not entitled to. IMF director Aninat however praised the new government for its honesty and dedication to development. Aninat "welcomed the new Ghanaian authorities' commitment to transparency and to a strengthening of Ghana's data systems." President Kufour recently demonstrated his will to pursue his government's washing-up of the Rawlings legacy. Delivering his state of the nation address in parliament, Kufour emphasised on national reconciliation and development policies. He announced that within few weeks, Ghana would probably reach an agreement with the IMF to have most of its debts cancelled under the HIPC initiative. Kufour promised the relief from this initiative would be "channelled to poverty alleviation programmes." The developmental priorities his government was focusing on "vigorous infrastructure development, modernised agricultural centred on rural development, enhanced social services with emphasis on health and education, good governance and private sector development," Kufour announced. He cautioned however that difficult times lie ahead to ensure the economy does not lapse into the state that put the country in great difficulty under Rawlings' regime. Sources: Based on IMF, Ghanaian
govt, Ghanaian press and afrol archives
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