{"id":183005,"date":"2024-05-16T10:32:38","date_gmt":"2024-05-16T10:32:38","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/05\/16\/imf-programme-to-be-derailed-by-end-of-year-ato-forson\/"},"modified":"2024-05-16T10:32:38","modified_gmt":"2024-05-16T10:32:38","slug":"imf-programme-to-be-derailed-by-end-of-year-ato-forson","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/05\/16\/imf-programme-to-be-derailed-by-end-of-year-ato-forson\/","title":{"rendered":"IMF programme\u00a0to be derailed by end of\u00a0year\u00a0&#8211; Ato Forson"},"content":{"rendered":"<p><\/p>\n<div>\n<p><span data-preserver-spaces=\"true\">Dr Cassiel Ato Forson, the Minority Leader in Parliament, has expressed concerns over the\u00a0<\/span><span data-preserver-spaces=\"true\">government\u2019s<\/span><span data-preserver-spaces=\"true\">\u00a0handling of the Ghanaian cedi, predicting it could lead to the derailment of the International Monetary Fund (IMF) programme by the end of the year.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Dr<\/span><span data-preserver-spaces=\"true\"> Forson criticised the\u00a0<\/span><span data-preserver-spaces=\"true\">government\u2019s<\/span><span data-preserver-spaces=\"true\">\u00a0fiscal policies, suggesting that the actions taken to stabilise the national currency are insufficient and may\u00a0<\/span><span data-preserver-spaces=\"true\">have adverse effects on<\/span><span data-preserver-spaces=\"true\">\u00a0the economy.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The minority caucus on Wednesday, May 15, raised concerns over the\u00a0<\/span><span data-preserver-spaces=\"true\">government\u2019s<\/span><span data-preserver-spaces=\"true\"> recent borrowing of GH\u00a27 billion from the treasury bills market to compensate contractors outside of its budgetary allocations.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the Minority,\u00a0<\/span><span data-preserver-spaces=\"true\">this practice of<\/span><span data-preserver-spaces=\"true\">\u00a0extending expenditure beyond the budget for political purposes is exacerbating the depreciation of the Cedi against the dollar.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Speaking to Bernard Avle on the <strong>Citi Breakfast Show <\/strong>on Thursday, the minority leader noted that the current trajectory indicates a potential setback for the IMF programme, which was initially on track.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cL<\/span><span data-preserver-spaces=\"true\">et me be honest with you, this programme\u00a0<\/span><span data-preserver-spaces=\"true\">is certainly going to<\/span><span data-preserver-spaces=\"true\"> be derailed by the end of this year <\/span><span data-preserver-spaces=\"true\">and<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span><span data-preserver-spaces=\"true\">it is going to<\/span><span data-preserver-spaces=\"true\">\u00a0take a while.<\/span><span data-preserver-spaces=\"true\">\u00a0I\u00a0<\/span><span data-preserver-spaces=\"true\">have no doubt about<\/span><span data-preserver-spaces=\"true\">\u00a0that<\/span><span data-preserver-spaces=\"true\">\u2026<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span><span data-preserver-spaces=\"true\">let\u2019s<\/span><span data-preserver-spaces=\"true\">\u00a0wait and see. It is actually on the back of the fiscal,<\/span><span data-preserver-spaces=\"true\">\u201d\u00a0<\/span><span data-preserver-spaces=\"true\">he<\/span><span data-preserver-spaces=\"true\"> stated.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Dr Ato Forson further explained that the\u00a0<\/span><span data-preserver-spaces=\"true\">next<\/span><span data-preserver-spaces=\"true\"> IMF review, which will guarantee the release of the third tranche of the 3 billion External Credit Facility, would rely on outdated data from the previous year, which does not reflect the current economic situation<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cT<\/span><span data-preserver-spaces=\"true\">hey were on course\u00a0<\/span><span data-preserver-spaces=\"true\">but<\/span><span data-preserver-spaces=\"true\">\u00a0as you\u00a0<\/span><span data-preserver-spaces=\"true\">know<\/span><span data-preserver-spaces=\"true\">\u00a0the review dates back. So, the next review is going to use the data as of December last year. So\u00a0<\/span><span data-preserver-spaces=\"true\">the<\/span><span data-preserver-spaces=\"true\">\u00a0programme indicators to check whether the programme is performing or not is going to use data six months before the time of review. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cSo, <\/span><span data-preserver-spaces=\"true\">obviously<\/span><span data-preserver-spaces=\"true\">\u00a0six months before\u00a0<\/span><span data-preserver-spaces=\"true\">it<\/span><span data-preserver-spaces=\"true\">\u00a0was good. But I can tell you that based on the data and the way they are conducting the affairs of the policy\u00a0<\/span><span data-preserver-spaces=\"true\">going forward<\/span><span data-preserver-spaces=\"true\">, there is going to be a complete\u00a0<\/span><span data-preserver-spaces=\"true\">commotion,<\/span><span data-preserver-spaces=\"true\">\u201d\u00a0<\/span><span data-preserver-spaces=\"true\">he stated.<\/span><\/p>\n<hr\/>\n<p><em><strong>Explore the world of impactful news with CitiNewsroom on WhatsApp!<\/strong><\/em><\/p>\n<p><em><strong>Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU:\u00a0https:\/\/whatsapp.com\/channel\/0029VaCYzPRAYlUPudDDe53x<\/strong><\/em><\/p>\n<p><em><strong>No spams, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital<\/strong><\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr Cassiel Ato Forson, the Minority Leader in Parliament, has expressed concerns over the\u00a0government\u2019s\u00a0handling of the Ghanaian cedi, predicting it could lead to the derailment of the International Monetary Fund (IMF) programme by the end of the year. Dr Forson criticised the\u00a0government\u2019s\u00a0fiscal policies, suggesting that the actions taken to stabilise the national currency are insufficient [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":182804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-183005","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IMF programme\u00a0to be derailed by end of\u00a0year\u00a0- Ato Forson - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/05\/16\/imf-programme-to-be-derailed-by-end-of-year-ato-forson\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF programme\u00a0to be derailed by end of\u00a0year\u00a0- Ato Forson - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Dr Cassiel Ato Forson, the Minority Leader in Parliament, has expressed concerns over the\u00a0government\u2019s\u00a0handling of the Ghanaian cedi, predicting it could lead to the derailment of the International Monetary Fund (IMF) programme by the end of the year. 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