Thursday, 18 April

IMF board does not meet in Feb so there can be no deal in March – NDC communicator to Akufo-Addo

Kristalina Georgieva, IMF boss

The National Democratic Congress has belittled President Nana Addo Dankwa Akufo-Addo’s claims that the country will by March this year secure a US$3 billion bailout deal from the International Monetary Fund (IMF).

According to the NDC, the president’s claim of securing the bailout from the fund in March is far from true.

A member of the NDC’s communications team, Mr T.T Cartenor expressed his displeasure about the president’s claims while discussing the country’s debt stock on the discussion segment of Ghana Yensom morning show hosted by Odehyeeba Kofi Essuman on Accra 100.5 FM on Monday, January 30, 2023.

He contested that the president’s claims could not be true because the IMF meets only quarterly.

"The governing board of IMF does not meet in February, they meet in the spring," he corrected.

"There was no way the IMF was going to meet in February to approve a deal for Ghana in March," he stressed.

He further stated that the next meeting of the governing board of the IMF is going to be in April.

"So why should the president look Ghanaians in the face and tell them the country was hopeful of clinching a deal from the IMF in March?

"This is far fetch as it is not the practice of the IMF," he said.

"We are here because Ghana’s debt levels have catapulted under the president and his New Patriotic Party-led administration.

"This government borrowed without looking back.

"Every year, they borrowed $2.5 billion and $3 billion through the Eurobonds which has led to Ghana’s unsustainable debt levels," he charged. 

He added that 95 to 98 per cent of the borrowings were used to pay for consumptions, and not investments, which did not yield any profit for the state.

Source: Mensah