IMF bailout may happen in June, Ato Forson predicts

Ghanaians to this President have gone into consumption expenditure, remarking that no wonder the country has seen a very sluggish economic growth.

Further, he revealed that the NPP government have borrowed GH 455.7billion (US$68.42billion) from all sources and channeled it into unproductive wasteful spending.

ing the bailout which includes the board documents.

President Nana Addo Dankwa Akufo-Addo recently expressed optimism that the government is systematically ful lling the terms of the sta -level agreement reached with the IMF and is con dent that it will secure a deal by the end of March.

Dr. Forson stated that the Akufo-Addo government over the past six years have used the unprecedented level of resources which have been made available to them on consumption.

“Once again, the President said in his statement that his government have spent most of the resources which they have received on roads. Mr. Speaker, this could not be any further away from the truth. it can be seen that overall only 1.3% of all the resources received by the government have been allocated to the road sector.

As a whole, from [table 6] only 6.5% of the resources received by the President from 2017 to 2022 have gone into capital expenditure,” he added.

He disclosed that a whopping 93.5% of all the resource envelope which have given by

Currently, the minority says the country’s debt stock stands at GH 575.5billion as at November 2022 which is about 103% of our GDP. This amount excludes the Sinohydro Debt, ESLA Bonds, Cocoa Bills and many more.

“There has been a tacit policy of one problem, one bond by the nance minister.

While we are su ering collectively as a result of this government’s reckless borrowing, the Finance Minister has personally bene ted from our misery by way of transaction fees on our bond issuance his company earns.”

Ghana is now working to restructure about $30 billion of public debt, which reached an estimated 105% of gross domestic product in 2022, according to the IMF.

The country is on track to present its request for the $3 billion loan program to the IMF’s executive board by the end of March, said President Akufo-Addo. Ghana, which secured an IMF sta -level agreement in December, is also putting in place scal adjustments and structural reforms.