\n
The Minority Leader, Dr Cassiel Ato Baah Forson, on Wednesday, alleged that there was a deadlock in Ghana\u2019s negotiations for the second tranche of the $3 billion credit facility from the International Monetary Fund (IMF).<\/p>\n
He said there was an alleged disagreement between the government and the International Creditors\u2019 Committee regarding the cut-off point for the external debt required in the debt restructuring exercise to secure the next tranche of $600 million from the IMF.<\/p>\n
Dr Forson made the statement in his concluding comments on the Budget Statement and Economic Policy of the Government for the 2024 fiscal year.<\/p>\n
The Motion on the debate on the Budget Statement was moved by Mr Ken Ofori-Atta, the Minister for Finance on Tuesday, November 21, 2023, and was seconded by Mr Kojo Oppong Nkrumah, the Minister for Information.<\/p>\n
The 2024 Budget Statement and Economic Policy of the Government was Presented to Parliament on Wednesday, November 15 2023 by Mr Ofori-Atta.<\/p>\n
The Budget Statement outlines the government\u2019s financial plan for the upcoming fiscal year. It details revenue projections, proposed expenditures and economic policy direction.<\/p>\n
After its presentation, the budget undergoes thorough scrutiny and debate in Parliament. Members of Parliament (MPs) analyse and discuss the proposed allocations, ensuring accountability and transparency in financial matters.<\/p>\n
\u201c\u2026Mr Speaker, it will interest you to know that there is a deadlock in the negotiation between Ghana and the International Creditors Committee (ICC) made up of China and the Paris Club. There is a major disagreement on the cut-off point, regarding the external debt that must be excluded from the restructuring,\u201d Dr Forson said.<\/p>\n
\u201cMr Speaker, I do not need to sound the alarm that at this point, Ghana is between a rock and a hard place.<\/p>\n
\u201cGhana will need to decide either to accept the cut-off date as proposed by the International Creditors Committee and get the IMF Board to approve our USD 600 million second tranche or refuse to accept,\u201d he said.<\/p>\n
According to Dr Forson, also the National Democratic Congress (NDC) MP for Ajumako-Enyan-Essiam, if Ghana accepted the ICC cut-off point, it would mean that there would be more debt excluded from the debt restructuring, thus necessitating the immediate inclusion in the budget to service that debt.<\/p>\n
\u201cMr Speaker, the moment we begin the servicing of our external debt, everything in this budget will change,\u201d he said.<\/p>\n
Ghana had earlier secured a $3 billion bailout package from the IMF to help recover the economy alleged to be riddled with debt, high inflation and depreciating cedi.<\/p>\n
The country had already received the first tranche of $600 million from the Bretton Woods Institutions.<\/p>\n
Meanwhile, the IMF in October 2023 said it was waiting for the outcome of Ghana\u2019s engagement with its bilateral creditors before releasing the next tranche of the $3 billion bailout package.<\/p>\n
Source:\u00a0<\/strong>GNA<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The Minority Leader, Dr Cassiel Ato Baah Forson, on Wednesday, alleged that there was a deadlock in Ghana\u2019s negotiations for the second tranche of the $3 billion credit facility from the International Monetary Fund (IMF). He said there was an alleged disagreement between the government and the International Creditors\u2019 Committee regarding the cut-off point for […]<\/p>\n","protected":false},"author":1,"featured_media":124363,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-125701","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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