$3 billion IMF deal: Kojo Oppong Nkrumah is suffering — NPP’s Charles Owusu

The former Head of Monitoring Unit at the Forestry Commission, Charles Owusu has charged the government to commit money to support media practitioners and other communicators to publicize the good works to Ghanaians.

He believes Information Minister Kojo Oppong Nkrumah suffered during an interview he granted to the media after the International Monetary Fund (IMF) Executive Board approved a US$3 billion extended credit facility arrangement for Ghana.

The program is based on the government’s Post-COVID-19 Program for Economic Growth (PC-PEG), which aims to restore macroeconomic stability and debt sustainability and includes wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth.

The Executive Board’s decision will enable an immediate disbursement to Ghana equivalent to SDR 451.4 million (about US$600 million).

Large external shocks in recent years have exacerbated Ghana’s pre-existing fiscal and debt vulnerabilities, resulting in a loss of international market access, increasingly constrained domestic financing, and reliance on the monetary financing of the government.

Decreasing international reserves, Cedi depreciation, rising inflation, and plummeting domestic investor confidence, eventually triggered an acute crisis.

The authorities have taken bold steps to tackle these deep challenges, including by accelerating fiscal adjustment.

Oppong Nkrumah elucidated that the $3 billion loan from the IMF will be released to Ghana in seven (7) tranches with the first tranche being 600 million dollars which he noted has hit the account of the Bank of Ghana.

He also revealed that the other tranches have been spread over the next 3 years, however, they will be released only when Ghana meets the performance criteria given by the IMF.

Charles Owusu speaking on the development on Accra-based Peace FM wondered why it should take only Kojo Oppong Nkrumah to be explaining things to Ghanaians.

He said the government is making the Minister suffer as he is the only one who’s taken the responsibility to make Ghanaians understand the details of the bailout and how it will benefit the nation whereas, in his view, the Finance Ministry should be handling the communications as well.

“Kojo is suffering. He is suffering because he has been the lone voice,” he said.

Owusu slammed the government for not utilizing the media which will do a better job of informing the citizenry about their policies and activities including this loan facility from the IMF.

He, however, stressed that the government should commit to media publicity…You cannot tell me that you won’t commit money but you expect people to convey your message for you.

Key policies under the authorities’ program include large and front-loaded fiscal consolidation to bring public finances back on a sustainable path, complemented by efforts to protect the vulnerable.



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