Ghana on its way back to IMF due to high public debts - Minority

Ghana on its way back to IMF due to high public debts - Minority

- The opposition NDC in parliament says Ghana risk going back to the IMF for a bailout due to the current financial difficulty the country is experiencing

- The Minority has expressed worry about the increase in the country’s public debt from GHC120 billion as of December 2016 to GHC204 billion as of June 2019

- The Minority claims the mid-year budget clearly showed that the public finances are in dire straits and the resort to additional tax measures is an indication of the troubling times

Lawmakers on the side of the Minority caucus have expressed worry about Ghana’s high public debt, stating it could send the country back again to the International Monetary Fund (IMF) for a bailout.

According to the NDC Minority, Ghana’s public debt rose from GHc120 billion as of December 2016 to GHc204 billion as of June 2019.

They opined that Ghana's current financial challenges will force the government to seek support from the IMF.

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Speaking at a media encounter in Parliament, a Ranking Member of the Committee on Finance, Cassiel Ato Forson, said the country’s finances are in dire straits.

It would not come as a surprise if Ghana seeks a bailout from the IMF less than two years after exiting a similar programme,” he said.

Mr. Forson, and the Minority, were reacting to the Mid-year Budget Review presented to Parliament by the Finance Minister on Monday, July 29.

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Source: Yen

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