Palgrave Boakye Danquah, the government’s spokesman on governance and security, has said that the International Monetary Fund (IMF) scheme is a life-saving measure for those who are less fortunate.
This is to back up claims made by President Akufo-Addo about an anticipated review of some existing policies and related difficulties with the International Monetary Fund.
On May 17, 2023, the IMF’s Executive Board met in Washington and unanimously authorised a $3 billion bailout for Ghana. On the day the bailout was approved, $600 million of the $3 billion loan was released, with the remaining $350 million to be released every six months for the course of the three-year plan.
At the 3rd Qatar Economic Forum, the president previously detailed several important indicators the administration hoped to achieve with the cash.
The government spokesperson said the IMF deal will help stabilise Ghana’s economy and preserve the lives of the less fortunate in an interview on Joy Prime’s morning show on Thursday.
“Why we have the IMF in the country is to ensure that we constantly have economic growth and transformation. So, the IMF programme has come to protect the lives and livelihoods of the vulnerable and poor people,” he said.
On the other hand, the International Monetary Fund Resident Representative in Ghana, Dr. Leandro Medina, said that in order to get the $3 billion bailout, Ghana has to strictly stick to revenue-generating requirements, citing the importance of tax and tariff hikes.
In an interview broadcast from Accra’s Citi TV, he emphasised the need for these measures for the successful implementation of Ghana’s three-year, US$3 billion Extended Credit Facility with the International Monetary Fund.
“The revenue measures that have been passed between December and April are part of the prior actions. It’s very important to mobilise revenue. Revenue to GDP in Ghana is very low as compared to other countries. Ghana is making a huge effort to increase revenue, and this will be done mainly by increasing the tax base. What is important to say is that this is a large and front-loaded fiscal consolidation,” he said.
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