This is going to be the most painful IMF programme ever, who negotiated this? – Ablakwa

Samuel Okudzeto Ablakwa (right), Finance Minister Ken Ofori-Atta (right)

The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has slammed the government over the agreement it had with the International Monetary Fund (IMF) for the $3 billion bailout recently approved.

Ablakwa, in an interview on Metro TV’s Good Morning Ghana, on Friday, May 19, 2023, monitored by GhanaWeb described the people who negotiated the IMF deal on behalf of the people of Ghana as wicked.

He added that the IMF programme, which was approved on Wednesday, May 17, 2023, will bring more hardship on ordinary Ghanaians.

“This is going to be the most painful, the most bitter IMF programme. I asked myself who negotiated this on behalf of Ghanaians? Does the person have a heart? Does the person care about Ghanaians?

“The analysis we have shows that because of this (the IMF) bailout, there are going to be 50 new tax measures… income tax is coming to be progressive.

“There is going to be quarterly tariff adjustment. So, every quarter, electricity tariffs are going to go up, can you believe that, every quarter?” the MP asked.

Also, Ablakwa said that the deal negotiated on behalf of the people of Ghana also includes an additional debt restructuring programme.

He added that public sector employment will also be restricted for the 3 years span of the IMF programme.

Background:

The Executive Board of the IMF unanimously approved the $3 billion bailout for Ghana at a meeting Wednesday [May 17, 2023] in Washington.

$600 million out of the $3 billion loan was disbursed on the day of the approval of the bailout and $350 million would be disbursed every six months for the three-year programme.

Earlier, Managing Director of the IMF, Kristalina Georgieva, had expressed optimism, that the swelling goodwill that Ghana was getting from the international community, including its creditors could guarantee the approval of the loan.

She added that her outfit was pushing the bilateral creditors to quickly provide the financial assurance needed for the board to approve the deal.

Prior to this, Ghana had completed all prior actions necessary to receive support for its economic recovery programme, the International Monetary Fund (IMF).

Watch the interview below:

Worst IMF deal ever; who negotiated this on behalf of Ghanaians? - @S_OkudzetoAblak shares some conditions in Ghana's IMF deal#GoodMorningGhana #MetroTV pic.twitter.com/2XdJ3T6cis
— Metro TV Ghana (@metrotvgh) May 19, 2023