$600m IMF loan: Don't take your eyes off government, Bank of Ghana – Mahama to NDC MPs

Former President John Dramani Mahama has charged Minority lawmakers in parliament to ensure strict oversight on the government and the Bank of Ghana in the wake of the second tranche disbursement of $600 million IMF loan.

According to him, the Minority in Parliament must remain vigilant to ensure the prudent utilization of the funds and all other funds that will be approved for Ghana, to restore macroeconomic stability.

In a Facebook post shared on January 24, John Mahama called on NDC lawmakers in parliament to vigilantly monitor the government, while keeping a hawk eye on the Central Bank as well.

“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,” John Mahama wrote.



On January 23, 2024, the Bank of Ghana acknowledged receipt of US$600 million as part of the second tranche disbursement of Ghana’s bailout package from the IMF.

The development comes after Ghana and its bilateral creditors reached an agreement on a debt revamp paving the way for the IMF Executive Board to approve the funds.

The funds are expected to go towards supporting the government's 2024 budget, restoring macroeconomic stability and among others.

The financial support to Ghana now brings the figure to US$1.2 billion of the US$3 billion requested under the IMF-Extended Credit Facility for a three-year period.

MA/AE

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