A agreement with the IMF is not being pursued by the government, according to the minority in Parliament.
The NDC MPs assert that the government is avoiding the Fund while pursuing other choices that are, in their view, unfavorable to the survival of the nation’s economy.
Isaac Adongo, a minority spokesperson on finance, explained to journalists in parliament that the government’s failure to release a strategy for debt restructuring had caused the IMF rescue to be postponed.
The debt restructuring will have to be done because there is no other option, so they are buying themselves some time to see if it can go away.
Ghana does not now meet the IMF’s condition for a financed program because the IMF does not lend to countries in unsustainable financial situations, and Ghana’s debt has been determined to be unsustainable.
In its eighth memoir, which the IMF released just before departing, it informed the government of this truth. In order to comply with the IMF’s own requirements, we must take action to reduce our debt to levels that are manageable before we can have an IMF program that is funded.
The administration is having difficulty putting together the 2023 budget, according to the deputy ranking member of the finance committee, which is why it cannot be presented by the deadline of November 15 as required by the public finance management Act.