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IMF-Ghana Bailout MP reacts to delay in IMF funds

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Finance Minister, Seth Terkper play

Finance Minister, Seth Terkper

The third tranche of the IMF’s  $960 million has delayed,  awaiting parliament’s approval of the Bank of Ghana Act that will fix the ceiling on the Central Bank’s financing of government’s budget at 5%.

However, Member of the  Parliamentary Select Committee on Finance, Benjamin Kpodo has contested the claims that the delay in the passing of the Bank of Ghana Act is the reason the third tranche of the bailout has been withheld.

According to the member of the finance committee of parliament, there are other reasons for the delay in the release of the third tranche of the IMF bailout.

READ MORE:Ghana IMF Bailout Ghana may lose fourth tranche of IMF revenue

“If they are waiting to see certain things to happen before they fix the date for their meeting on approving the next tranche, it is their prerogative. You see,  they expect that we will also pass a public finance management bill. So why do you pick just one and say that is the reason why they have not approved the next tranche of the deal.”.

Benjamin Kpodo emphasized that a lot of what has been described as IMF conditions are rather home-grown policies recommended by the government as a way to manage the current economic challenges bedevilling the country.

“Don’t forget that a lot of these demands are Ghana’s  home-grown solutions we came up with. What the IMF is doing is merely ensuring that we stick to the plan.”

Parliament is expected to amend the Bank of Ghana Act that caps the Central Bank’s support of the national budget at not more than 10% to 5%, in an attempt to check excessive government expenditure, especially in an election year

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