Vigilantly monitor government, BoG on US$600m IMF cash – Mahama to Minority

Former President John Dramani Mahama has urged the minority in Parliament to vigilantly monitor both the Akufo-Addo-Bawumia government and the Bank of Ghana to ensure the prudent utilization of the second tranche of the $600 million IMF bailout.

The Bank of Ghana (BOG) on Tuesday, January 23, acknowledged receipt of US$600 million as the second tranche of Ghana’s bailout package with the International Monetary Fund (IMF).

The cash is meant for budget support and stabilization of the local currency.

This means, Ghana has received a total of US$ 1.2 billion out of the $3 billion approved under the three-year extended credit facility in May last year.

Unlike the first tranche, which was meant to address Ghana’s balance of payment issues, all of the second tranche will be used to finance projects and programmes in the 2024 budget.

In a Facebook post on Wednesday, January 24, the NDC Flagbearer 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.

“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.”

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.