June 18, 2024
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IMF deal: President’s budget must be cut – Mahama

Former President John Dramani Mahama says the budget for the Presidency should be cut as the government seeks assistance from the International Monetary Fund (IMF). 

Mr Mahama said the highest office of the land should “show the way.”

He was speaking in an interview with VOA Africa on Wednesday, October 12.

“If the President himself is cutting the budget of government machinery, then everyone must be prepared to make a sacrifice.”

He also insisted that the country cannot continue seeking such support from the Breton Woods Institution. 

According to him, home-grown policies aimed at transforming the economy and equipping the youth must be implemented. 

Mr Mahama added that IMF loans will not cure all economic ills because Ghana will still lack credibility on its own.

“You can implement a home-grown fiscal consolidated policy, but unfortunately, a lot of local and foreign investors will probably doubt that you can live by the promises that you make unless you have an institution like the IMF working with you.”

Officials of the IMF wrapped up the second visit to Ghana on Monday, following the conclusion of discussions on Fund support to the country.

Talks centred on economic growth and possible financial support for Ghana post-covid.

The IMF is now working towards assessing Ghana’s debt sustainability.

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