Use the money responsibly - Mahama cautions govt over IMF cash

The former President of Ghana, John Dramani Mahama, has asked the government of Ghana to be responsible with the $600 million issued by the International Monetary Fund.

He cautioned the government, which he believes will leave power after the 2024 elections, to be cautious about how the money is expended.

The Executive Board of the International Monetary Fund (IMF) has approved Ghana’s second tranche of US$600 million for immediate disbursement.

The approval of the loan facility brings the total disbursement for the country’s implementation of an IMF-supported Post-COVID-19 Programme for Economic Growth (PC-PEG) to US$1.2 billion.

This comes about a week after the country secured an agreement with the Official Creditor Committee, leading to the Fund’s endorsement of the country’s First Review of the three-year US$3b programme.

But in a statement via his website, the former President called for judicious use of the money.

Read His Statement Below

STATEMENT: MAHAMA SUPPORTS TUC’S CALL ON GOV’T TO STOP VAT ON ELECTRICITY.

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.