Tuesday, 27 February

Mahama Ayariga accuses gov’t of violating IMF bailout agreement with Import Restrictions

Business
The Bawku Central MP emphasised that the Ministry of Trade and Industry's proposed regulations blatantly violate the IMF Bailout Agreement

The Member of Parliament for Bawku Central, Mahama Ayariga, has criticised the proposed Restrictions on Importation of Selected Strategic Products, asserting that it contradicts Ghana's commitments under the IMF Bailout Agreement.

Speaking out against the regulations, Mr Ayariga stated: “The proposed Export and Import Regulations, 2023, offends clear provisions of the IMF Bailout Agreement.”

He expressed his concerns about government's apparent disregard for the stipulations outlined in the international agreement.

The Import Restrictions Regulations, aimed at "improving balance of payments and economic stabilisation,” have come under scrutiny from Mr Ayariga, who argued that they directly conflict with the conditions set forth in the IMF Country Report No. 23/168 issued in May 2023. 

The report, titled: “Request for an Agreement under the Extended Credit Facility,” explicitly notes on page 76, paragraph 4(iv), that there should be “no imposition or intensification of import restrictions for balance of payments reasons.”

The Bawku Central MP emphasised that the Ministry of Trade and Industry's proposed regulations blatantly violate the IMF Bailout Agreement. 

He raised questions about the level of communication between the Ministry of Trade and Industry and the Ministry of Finance and Economic Planning.

“It is not clear whether the Trade and Industry Minister is talking to the Minister of Finance and Economic Planning,” Ayariga stressed, highlighting potential gaps in coordination within the government.

The MP for Bawku Central pointed out what he perceives as confusion within the NPP Government regarding the country's economic direction and financial management.

“Once again, we see clear signs that the NPP Government is confused about the direction of the economy and the finances of the country,” Mr Ayariga asserted. 

He added: “The NPP cannot keep its basic commitments to the IMF.”

Source: classfmonline.com