Osei Akoto Warns: Don’t Use IMF Cash For Generator Purchase

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Dr.-Anthony-Akoto-Osei
Dr.-Anthony-Akoto-Osei

Soon after the government of Ghana had sealed a bail out deal with the International Monetary Fund (IMF), the Minority in Parliament is demanding that government discloses the components of the $940 million support package from the IMF, adding that ?government must not venture into using the?IMF money to buy generator. “You use that to support your foreign currency.?

Dr. Anthony Akoto Osei
Dr. Anthony Akoto Osei

He stressed that?the $940 million package cannot be expended on government?s expenditure since IMF money is for balance of payment support.
Their position came as the IMF announced that it has agreed to give Ghana $940 million to help turn around the nation?s ailing economy.

It is on record that the government of Ghana under President John Dramani Mahama, has in 2014, initiated a programme with the IMF for a possible bail out from its economic difficulties, which was manifested in the depreciation of the Cedi, high inflation rates and huge wage bill.

Negotiations for the Fund took place until yesterday, February 26th 2015.

Notwithstanding, the Minority Spokesperson on Finance, Dr. Anthony Osei Akoto is persistent on asking government to make available details of the components and that?though he was not surprised about the amount of money from the IMF, he insisted that the cost for such amount should be made known.

He said, ??What are the components, what is it going to cost us. We need to know. I believe that is part of the reasons why we are having a tax increase.? He said on Citi fm.

For him, Ghana?s economy has been in a mess for the past three years and that foreign investors will be worried as they come to an environment where the cost of doing business is going to be higher.

Source: spyGhana.com

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