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General News of Wednesday, 5 September 2018


We cannot provide you details now - IMF replies Minority's letter over Sinohydro deal

The International Monetary Fund (IMF) has responded to the minority’s request for some clarification on Ghana’s US$2billion Sinohydro deal with China. The response from the Brittion Woods Institution asked for more time in order to take a decision as to whether it qualifies as part of government debt or not.

The response is coming after the Minority in parliament wrote to the IMF on August 10, 2018. The Minority through the letter signed by its leader, Haruna Iddrisu asked the Britton Woods Institution for more clarity on the deal and to stop the Akufo-Addo government from securing $2billion of infrastructural development from Sinohydro.

According to the Minority, such a quantum of money can affect the country’s debt, and thereby thwart the efforts of government and the IMF in the management of the country’s debt.

However a response from the IMF chief indicates that given the transaction’s complexity she is unable to immediately answer questions posed by the minority.

“I have been in consultation with headquarters, including the legal department, and we are going to discuss this issue with the authorities during the upcoming seventh review mission under the Extended Credit Facility."