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Monday, July 6, 2020

It won’t be surprising if Ghana returns to the IMF – Minority

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The Minority in Parliament says they will not be surprised if Ghana returns to the IMF for a bailout given the fiscal challenges confronting the country and the high level of public debt.

Reacting to the Mid-year budget review presentation by Finance Minister Ken Ofori-Atta, minority spokesperson on finance Cassiel Ato Forson on Tuesday, 30 July 2019 at a press conference said: “Given the fiscal challenges confronting the country and the high level of public debt, it would not come as a surprise if Ghana seeks a ‘bail out’ from the IMF less than two years after exiting a similar programme that the current administration proudly touted as an achievement.”

“The Mid-year budget clearly showed that the public finances are in dire straits and the resort to additional tax measures is an indication of the troubling times that we are in,” he added.

Delivering the Mid-year budget review on Monday, 29 July 2019, Mr Ofori-Atta revealed that Ghana’s debt has ballooned to GHS204billion.

“The gross public debt stock in nominal terms stood at GHS204 billion (US$38.7 billion) as at end-June 2019, representing 59.2 per cent of GDP,” Mr Ofori-Atta said.

He attributed the increase to frontloading the financing requirements for 2019 in the first quarter.

The Minority further said the mid-year budget presented by Mr Ofor-Atta “only offers gloom and portend very difficult times for all Ghanaians,” adding that “there is the need for the Akufo-Addo government to change course or they will plunge the economy into much bigger challenges.”


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