Government's interest will force it to implement IMF policies – Dr Abdul-Kabiru Mahama

The Technical Advisor at the Office of the Vice President, Dr Tiah Abdul-Kabiru Mahama, has assured the public that the vested interest of the government in the bailout programme will ensure that it implements to the letter, policy recommendations under the IMF programme.

His comments come on the back of concerns raised by experts that the $600 million, being the first tranche of the $3 billion of the IMF bailout will not be put to productive use as it has been the norm of past governments.

Dr Mahama explained that this time, the government has the biggest interest in the IMF programme such that it will ensure all the recommendations stated in the policy will be achieved.

“It is in the government’s interest to ensure that what is on the paper is achieved. Because we cannot have subsequent releases if we don’t achieve what is on paper and when we don’t get subsequent releases from the IMF it means our programme will be derailed and what it also means is that the Ghanaian people will also be back on the street and the Ghanaian people will now have to face the difficulty of the time. So, it is the intent of the government that we achieve the programme. So that personal interest of government is a commitment enough,” he said.

He continued to explain that the fund [IMF]’s interest in Ghana’s economy also puts a charge on the government to revamp the economy with the bailout.

“Again, there are safeguards in the sense that because it is a fund programme, it is money being given by way of a non-interest base loan to the central government, and the people giving the money also have an interest. They are interested because they were looking for financial assurance. They don’t want a situation where Ghana will not be able to pay them their money because the 3 billion is a loan and Ghana must pay them back. So, because I am the creditor and I have to watch over the debtor to ensure that the debtor takes steps to pay me my money when they are due, that is another safeguard that I think aside from the parliament having that responsibility, aside from civil society like media houses also having a responsibility and industry players asking questions and putting on a check, I think that government’s interest and the fund’s interest are enough commitment to ensuring that we achieve this program,” he added.

The International Monetary Fund (IMF) Executive Board met to approve the $3 Billion bailout to support Ghana’s economic recovery on Wednesday, May 17, 2023, with a first tranche hitting the account of the Central Bank on Friday, May 19, 2023.

Dr Tiah Abdul-Kabiru Mahama was speaking on Joy News’ AM Show and was monitored by GhanaWeb.

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