IMF programme would be reviewed – Osafo Maafo insists

Business News of Friday, 20 January 2017



Yaw Osafo MarfoMr Yaw Osafo Marfo

The Senior Minister-designate, Mr. Yaw Osafo Maafo has maintained that the New Patriotic Party government would not think twice in reviewing the Extended Credit Facility arrangement between the government of Ghana and the International Monetary Fund (IMF).

The country is in the final year of the programme but Mr. Maafo said the components of the agreement is not friendly to the policies of the government as contained in the manifesto of the NPP.

The three-year facility was signed under the erstwhile National Democratic Congress government, where the country is expected to benefit US$918 million when it was approved on April 3, 2015.

On September 28, 2016 the Executive Board of the International Monetary Fund completed the third review of Ghana’s economic performance, enabling the disbursement of about US$116.2 million, bringing total disbursements under the arrangement to about US$464.6 million.

But Mr. Yaw Osafo Maafo indicated that the IMF has been communicated to about government’s intention to review the credit facility. He was responding to a question from the Member of Parliament from Lawra, Anthony Karbo, when he appeared before the Appointments Committee of Parliament on Friday.

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