<\/p>\n
The Minority in Parliament has downplayed the government\u2019s agreement with the International Monetary Fund for a $3 billion support.<\/p>\n
The Minority claims the excitement by the government over the deal is premature adding that the Finance Minister, Ken Ofori-Atta, must rather focus on securing management and board approval of the fund.<\/p>\n
\u201cWhat is important is not a staff-level agreement but a management and board approval of Ghana\u2019s application by the IMF board which will probably take us to April or even beyond. Therefore, celebrating and dancing over staff-level agreements is premature,\u201d the Minority Leader, Haruna Iddrisu told journalists in Parliament on Tuesday.<\/p>\n
The Tamale South MP said Mr Ofori-Atta has rather worsened the livelihood of Ghanaians and needs no praise for reaching a staff-level agreement with the IMF.<\/p>\n
On Tuesday, the government announced a Staff-level Agreement with the International Monetary Fund for a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion.<\/p>\n
The agreement was reached after several months of talks between Ghanaian government officials and authorities of the IMF.<\/p>\n
Addressing Journalists at a press conference on Tuesday, Mr Ofori-Atta said the agreement when finally approved by the IMF Board will help restore macroeconomic stability, tackle inflation, and strengthen the local currency.<\/p>\n
\u201cTruly, the eventual conclusion of the program will assist us in our efforts to restore stability, tackle inflation, and strengthen our currency.\u201d<\/p>\n
Ghana\u2019s inflation rate climbed more than expected in October, raising pressure on the central bank to continue increasing borrowing costs that are already at a more than five-year high.<\/p>\n
Annual inflation quickened to 40.4% compared with 37.2% a month prior, Government Statistician Samuel Kobina Annim said.<\/p>\n