Former President John Dramani Mahama has asked the Minority in Parliament to keep an eye on both the Akufo-Addo-Bawumia government and the Bank of Ghana to ensure that the second tranche of the $600 million IMF bailout is used prudently.
On Tuesday, January 23, the Bank of Ghana (BOG) announced the receipt of US$600 million as the second tranche of Ghana’s rescue package from the International Monetary Fund (IMF).
The funds are intended for budget support and the stabilisation of the local currency.
This means Ghana has received a total of US$ 1.2 billion out of the $3 billion granted for the three-year extended credit facility in May of last year.
Unlike the first tranche, which was intended to alleviate Ghana’s balance of payment concerns, the entire second tranche would be utilised to fund projects and programming in the 2024 budget.
In a Facebook post on Wednesday, January 24, the NDC Flagbearer encouraged the NDC minority in parliament to maintain strong monitoring of both the government and the Bank of Ghana.
“I once again urge Ghana’s outgoing NPP government to be cautious, responsible, and judicious in using the IMF’s $600 million and other funds made available to Ghana by the World Bank and other development partners.”
“I have already encouraged the NDC minority in parliament to maintain strong scrutiny of both the administration and the Bank of Ghana, which fraudulently printed billions of cedis and compounded our economic position.
“On my part, I will, from time to time, continue to engage the Ghanaian public about my vision to build the Ghana we want and how we will work together to create well-paying jobs through my 24-hour economy policy and other pragmatic initiatives,” he concluded.
Below is former President Mahama’s full post on Facebook
Under normal circumstances, the release of $600 million by the International Monetary Fund (IMF) to the government of Ghana should provide relief to the already overburdened and suffering Ghanaian.
It is, however, evident that Ghanaians will continue to suffer as long as the Akufo-Addo-Bawumia and NPP remain in office.
Implementing VAT on electricity consumption will increase tariffs by almost 21% and exacerbate the hardship on Ghanaians. This will affect the prices of goods, services, and transport fares.
I agree with organised labour that the government must reverse its decision to start collecting VAT on electricity consumption.
The National Democratic Congress (NDC) is eager and ready to address Ghana’s economic challenges and provide substantial relief to Ghanaians upon assumption of office in January 2025.
Before that, I again urge the outgoing NPP government to be cautious, responsible and judicious in utilising the IMF $600 million and other funds that may be made available to Ghana from the World Bank and other development partners.
I have already encouraged the NDC minority in parliament to ensure strict oversight on both the government and not to take their eyes off the Bank of Ghana that illegally printed billions of cedis and aggravated our economic situation.
On my part, I will, from time to time, continue to engage the Ghanaian public about my vision to build the Ghana we want and how we will work together to create well-paying jobs through my 24-hour economy policy and other pragmatic initiatives.
Over the next three days, I will be in the Ashanti Region to interact and listen on the eighth leg of my #BuildingGhanaTour.
