John Dramani Mahama, the former president, has asked the minority in Parliament to keep a close eye on the Akufo-Addo-Bawumia administration and the Bank of Ghana to make sure the second tranche of the $600 million IMF bailout is used wisely.
The International Monetary Fund (IMF) provided Ghana with a rescue package, and on Tuesday, January 23, the Bank of Ghana (BOG) confirmed receiving the second tranche of US$600 million. These funds are intended to stabilize the local currency and support the budget.
This implies that of the $3 billion authorized under the three-year extended credit facility in May of last year, Ghana has received a total of US$ 1.2 billion.
“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 utilizing the IMF $600 million and other funds that may be made available to Ghana from the World Bank and other development partners,” Mr. Mahama wrote in a social media post.
Mahama added that 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 organized labor that the government must reverse its decision to start collecting VAT on electricity consumption,” Mahama stated.
To prevent further escalation of the already grave economic circumstances facing the nation, former President John Dramani Mahama urged the NDC minority in parliament to maintain stringent control over both the government and the Bank of Ghana.
He also promised to keep talking to regular people about his plans to revive the economy and create much-needed jobs.
Mr. Mahama declared. “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,”
