IMF deal will not unduly burden Ghanaians – Ofori-Atta assures

Ken Ofori-Atta, the Finance Minister, has reiterated that the government will not burden its citizens with the decision to approach the International Monetary Fund, IMF, for a programme amid the economic crisis that the country is facing.

Speaking on the floor of Parliament as MPs concluded debating the Mid-Year budget review on Wednesday, July 27,

Read full articlethe Minister reassured the parliamentarians that he will ensure talks with the IMF are positive and will not head any undue hardship on citizens.

“Mr. Speaker, at this point I will like to thank members of this session for the statement that we’ve made and particularly for the contributions from the Minority side and certainly from our side, that as we go through the year, we will ensure that this engagement with the IMF is positive for the country and the country will be back on course,” Ken Ofori-Atta said.

While debating on the Mid-Year review the Finance Minister presented on Monday, Haruna Iddrisu, Minority Leader indicated the budget offered no hope to Ghanaians.

“Mr Speaker, again, this administration without rapid and broad economic growth as well as an effective attack on corruption, the Ghanaian economy is likely to sink into a deeper crisis than what appears to be in the Mid-year review,” the Tamale South MP said.

But Osei Kyei-Mensah-Bonsu, the Majority Leader disagreed. He blamed the current economic crisis on the controversies that engulfed the passing of the Electronic Transfer levy (E-levy).

“… the brouhaha that the passing of the E-Levy generated was really harmful, Mr Speaker, it caused panic, the rating agencies downgraded Ghana and this made it impossible for the government to raise new loans. In the event, investors started disinvesting and there ensued pressure on foreign currencies. That explains why by the end of the first quarter, the Ghana cedi suffered a depreciation of 15.8 per cent,” the Suame MP explained.

He noted that the Russian and Ukraine conflict compounded the economic hardship in the country.

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PEN/SARA