Mid-year Budget Review Postponed
Ghana’s mid-year budget review has been postponed.
This action is a result of the ongoing bailout discussions with the International Monetary Fund (IMF) on the country’s economy.
The IMF delegation in Ghana is scheduled to meet the Finance Committee of Parliament as part of the ongoing negotiations.
Ghana is expected to request support of almost $2 billion to shore up its finance. This puts Ghana on the 16th rank of countries that have gone to the IMF for support.
Ghana leader, H.E Nana Addo announced last Friday that it would hold formal talks with the IMF.
Ghana currently has a total public debt stock of GH¢391.9 billion, as of the end of the first quarter of 2022.
The cedi is also the worst-performing African currency, after falling some 22 percent against the dollar this year.
A situation that government officials have blamed woes on the Covid-19 pandemic and the Russia-Ukraine war.
Ahead of the meeting, a member of the Committee, Isaac Adongo has been telling outlined some of the main issues he expects the IMF to scrutinize.
“I will ask them [the IMF] to open their eyes on arrears. The arrears of Ghana is more than GHS30 billion,” He said.
Story by: Emmanuel Afagbedzi