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Bailout Condition IMF tasks Ghana to pay energy sector debt

It follows request from journalists demanding to know the status of the programme with government after parliament rejected zero-financing of the central government, and the re-introduction subsidy in the bills of power consumers.

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The International Monetary Fund (IMF) is asking the Ghanaian Government to 'resolve' quickly debt owed by State Owned Enterprises (SOEs) in the energy sector before discussions on the third tranche starts.

In a statement Tuesday, the IMF mission chief to Ghana, Mr. Joël Toujas-Bernate, said:"Discussions between staff and the authorities are currently ongoing to update macroeconomic projections, firm up the fiscal outlook for the remainder of 2016 and ascertain that financial pressures in SOEs will not pose additional risks to the central government budget. Subject to a quick and positive conclusion of these discussions, staff expects the third program review to be considered by the IMF Executive Board around mid-September.”

It follows request from journalists to know the status of the programme after parliament rejected the zero-financing of the central government, and the re-introduction of energy subsidies to consumers.

The Fund has twice postponed its third review of the programme citing "outstanding issues."

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Ghana in 2015 signed onto a three-year aid package with the IMF to, among other things, ensure fiscal consolidation, policy credibility and stability of the economy.

There has been calls for government to abandoned the programme with groups such the Trades Union Congress leading the charge.

However, president John Mahama has assured that the current programme is the country's last, saying Ghana will come out of it with a robust economy.

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