Kojo Oppong Nkrumah, Minister for Information, has disclosed the estimated amount of money that Ghana is seeking to receive from her IMF bailout.
Despite the strong opposition against the government resorting to the International Monetary Fund (IMF) for the 17th time since Ghana went to the IMF in 2015, President Nana Akufo-Addo has directed the Finance Minister, Ken Ofori-Atta, to prepare for the international financial support.
Although the President and his appointees had made it emphatically clear that nothing would make them consider an IMF facility and with many Ghanaians expressing their disappointment in the Akufo-Addo administration, the Information Minister says the decision is for the good of Ghana's economy.
In a statement issued in Accra on Friday 1st July, 2022 and signed by the Minister, he said, "the engagement with the IMF will seek to provide a balance of payment support as part of a broader effort to quicken Ghana's build back in the face of challenges induced by the Covid-19 pandemic and recently, the Russia-Ukraine crises".
How Much Will Ghana Get From IMF?
Speaking in a one-on-one interview with host Kwami Sefa Kayi on Peace FM's morning show "Kokrokoo", Kojo Oppong Nkrumah revealed that the government anticipates to receive about 2 billion dollars from the IMF.
He explained that Ghana currently needs over 3 billion dollars for her recovery programme, therefore the IMF bailout will better the economy.
"Right now, Ghana needs close to about 3 to 3.5 billion dollars. Out of this money, we have already got about 1 billion dollars and laid before Parliament. We are looking forward to all the MPs coming together to approve it, now that we are gradually coming out from our hardships . . . currently, the hardship is intense but we have received 1 billion to put in our coffers and use it to meet some of our obligations. We're hoping that Parliament will approve that money without making it NPP/NDC politics.
"[2] The IMF window could give us 1 to 2 billion, depending on what you get and add it to 1 billion that's already with us. [3] We have our own domestic measures that we are using to raise some monies. The E-Levy is a part of it, Property Rate and Tax Exemption Bill before Parliament meant to reduce our exemptions are also a part of it. If we do all these three things, we can get the 3 to 3.5 billion to shore up the Ghanaian economy," he elucidated.
Source: Ameyaw Adu Gyamfi/Peacefmonline.com/Ghana
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I really don't get it from politicians with government upon governments. We need 1 billion to put in our coffers and use it to meet some of our obligations by Information Minister. Hmmmmm. What exact Obligations during Mahama's time and now? This will not reduce the prices of food and other items so why exactly going for that money? Not mentioning revenues coming from our Natural resources and from Ghana customs and GRA.
At the onset of COVID-19, IMF supported you with 2 billion us dollars. That spirited into thin air when you drew only 1.2 billion. Come and account the 1.2 billion to source the remainder 800 million dollars has become problematic l. Now, you go and tell the same entity just give me 2 billion to keep in my account so that others will think Ghana is rich. We promise not to touch it let alone spend it on FREE....... lol. Now, you have to open the books first for them to see the channels we're the earlier 1.2 billion passed. Nanaima
Oppong, are you sure this 1 billion dollars too hasn't vanished like the ones before ? I pity my younger brother, the fishes have gone into hiding letting him alone to defend the mess. However intelligent you are, lies is like pushing a calabash into a drum of water, it will pop up. When i see videos of speeches made by some NPP bigwigs before 2017 and what's currently happening, it makes one feel ashamed. As the saying goes SHAME does not kill but it makes you unable to walk with you face up. This is the current plight of NPP party bigwigs, i.e. those among them who know shame. NDC/ NPP all got grade F (. 0-39% ) in economic management , the actual score doesn't matter now 39% is F, 0% is F. They have all trailed. So comparing what sent what to IMF is a non starter. They are sending young men doing their national service at the IMF to come and teach our so called economic experts in government basic economic theories. Theory 1: If your economic fundamentals are weak , IMF will expose you. Gentleman pass Grade D, John mahal couldn't get, his yooo, yoooo brother Akuffo Addo couldn't also get. They have both trailed. IMF teaching assistants are here to take you through. What a country, going to IMF 17 times, hahahaaaa, make the president an illiterate, ministers, MMDCEs and CEO's all illiterates, bet me they will perform much much better than these twins called NDC/NPP. Have you ever seen a billionaire professor. NPP, book, book, book, 100%. Home sense 0%.