Politics

Oppong Nkrumah Discloses How Much Ghana Will Reportedly Earn From IMF

Kojo Oppong Nkrumah, Minister for Information, has disclosed the estimated amount of money that Ghana is seeking to receive from her IMF bailout.

Despite the strong opposition against the government resorting to the International Monetary Fund (IMF) for the 17th time since Ghana went to the IMF in 2015, President Nana Akufo-Addo has directed the Finance Minister, Ken Ofori-Atta, to prepare for the international financial support.

Although the President and his appointees had made it emphatically clear that nothing would make them consider an IMF facility and with many Ghanaians expressing their disappointment in the Akufo-Addo administration, the Information Minister says the decision is for the good of Ghana’s economy.

In a statement issued in Accra on Friday 1st July, 2022 and signed by the Minister, he said, “the engagement with the IMF will seek to provide a balance of payment support as part of a broader effort to quicken Ghana’s build back in the face of challenges induced by the Covid-19 pandemic and recently, the Russia-Ukraine crises”.

How Much Will Ghana Get From IMF?

Speaking in a one-on-one interview with host Kwami Sefa Kayi on Peace FM’s morning show “Kokrokoo“, Kojo Oppong Nkrumah revealed that the government anticipates to receive about 2 billion dollars from the IMF.

He explained that Ghana currently needs over 3 billion dollars for her recovery programme, therefore the IMF bailout will better the economy.

“Right now, Ghana needs close to about 3 to 3.5 billion dollars. Out of this money, we have already got about 1 billion dollars and laid before Parliament. We are looking forward to all the MPs coming together to approve it, now that we are gradually coming out from our hardships . . . currently, the hardship is intense but we have received 1 billion to put in our coffers and use it to meet some of our obligations. We’re hoping that Parliament will approve that money without making it NPP/NDC politics.

“[2] The IMF window could give us 1 to 2 billion, depending on what you get and add it to 1 billion that’s already with us. [3] We have our own domestic measures that we are using to raise some monies. The E-Levy is a part of it, Property Rate and Tax Exemption Bill before Parliament meant to reduce our exemptions are also a part of it. If we do all these three things, we can get the 3 to 3.5 billion to shore up the Ghanaian economy,” he elucidated.

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