Our return to the IMF has made Ghana Beyond Aid policy the butt of jokes — Mahama

Flagbearer of the National Democratic Congress (NDC), John Mahama has described Ghana’s return to the (IMF) for a US$3 billion extended credit facility arrangement as the butt of jokes.

According to him, Ghana seeking a bailout from the IMF is a clear indication that President Nana Addo Dankwa Akufo-Addo’s mantra ‘Ghana Beyond Aid Agenda’ is mere rhetoric with no action.

Speaking at the Special Guest of Honour at the 7th Ghana CEOs summit, Mahama said “Indeed our return to the IMF – cup in hand – has made our Ghana Beyond Aid policy the butt of jokes amongst many commentators in the world.”

He stated that it will require the ability to determine our economic policies that prioritize the well-being of our citizens and create an environment conducive to the advancement of sustainable growth and development for job creation.

The programme, endorsed by the IMF board is spread over 36 months under the Extended Fund Facility.

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It aims at restoring macroeconomic stability and debt sustainability, as well as implementing wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth.

Nana Addo and John Mahama

Managing Director Kristalina Georgieva said “Fiscal consolidation is a central element of the programme” as is “preserving financial sector stability”.

Furthermore, monetary and exchange rate policies under the programme will focus on inflation control and rebuilding foreign exchange reserves.

Weakened by the repercussions of the war in Russia-Ukraine, Ghana called on the IMF and in December reached a pre-agreement with the institution to obtain 3 billion dollars in loans spread over three years and conditional on the implementation of economic reforms.

This crisis, the worst in decades, has forced President Nana Addo Dankwa Akufo-Addo to reverse his past positions by turning to the IMF to stave off the specter of default raised by some economists.

The first tranche of IMF cash to support the country’s balance of payment hit the Bank of Ghana’s account.

Part of the first tranche will come in by Friday, March 19, 2023, while the remaining should be disbursed by June 2023.

Source: PulseGhana