Be cautious and responsible in utilising IMF cash - Mahama advises Akufo-Addo

Gideon Nicholas Day

January 24, 2024 9:48 AM

Former President, John Dramani Mahama has urged caution and responsibility in the utilization of the recently released $600 million by the International Monetary Fund (IMF) to the government of Ghana.

John Mahama

While acknowledging that such financial aid could provide relief to the struggling Ghanaian economy, Mahama expressed concerns over the current government's ability to manage the funds effectively.

In a facebook post, Mahama underlined the economic challenges faced by Ghanaians, He criticized the Akufo-Addo-Bawumia administration, suggesting that the suffering of the people would persist as long as they remained in office. He specifically addressed the government's decision to implement Value Added Tax (VAT) on electricity consumption, predicting a nearly 21% increase in tariffs, further exacerbating the financial burden on citizens.

He called on the outgoing government to exercise caution and responsibility in the use of the IMF funds and any additional support from the World Bank and other development partners.

"I again urge the outgoing NPP government to be cautious, responsible and judicious in utilising the IMF $600 million and other funds that may be made available to Ghana from the World Bank and other development partners"

The former president assured the public of the National Democratic Congress's (NDC) commitment to addressing the economic challenges facing the country once they assume office in January 2025.

"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. "

"I have already encouraged the NDC minority in parliament to ensure strict oversight on both the government and not to take their eyes off the Bank of Ghana that illegally printed billions of cedis and aggravated our economic situation. "

Mahama aligned himself with organized labour's call for a reversal of the decision to impose VAT on electricity consumption. He emphasized the adverse ripple effect such a move would have on the prices of goods, services, and transportation fares, significantly impacting the cost of living for ordinary Ghanaians.

Mahama reiterated his commitment to engaging the Ghanaian public on his vision for building a prosperous nation. He outlined key initiatives, including the "24-hour economy policy," aimed at creating well-paying jobs.

The disbursement of the $600 million follows Ghana's successful completion of the 2023 Article IV consultation and the first review of the 36-month Extended Credit Facility arrangement by the IMF Executive Board on January 19, 2024.

Read full Facebook post.

Gideon Nicholas Day