As the program of the International Monetary Fund (IMF) in Ghana begins to take effect, the Minority in Parliament has issued a warning to the people of Ghana, particularly the younger generation, to brace themselves for challenging times.
According to the Minority, the government that is currently being led by Akufo-Addo allegedly made a proposal to the International Monetary Fund (IMF) to increase the prices of utilities every three months in order to obtain the extended credit facility (ECF).
Ghana secures IMF $3B Bailout
“Since September 2022, electricity tariffs have increased by a cumulative figure of 75.32% [27% in September 2022, 29.96% in the last quarter of 2022, and 18.36% a few days ago],” Minority Leader Dr. Cassiel Ato Baah Forson said in a statement on Thursday, May 18. “So far, since September 2022, electricity tariffs have increased by a cumulative figure of 75.32%.”
“Let us brace ourselves for the full consequences of this IMF deal, which will without a doubt bite hard on Ghanaians, especially the youth.”
The statement continued by saying, “This is not a counsel of despair, but a reality that will soon dawn on all of us.”
The minority has stated that it will address Ghanaians in the next few days and that it will do so by making the contents of the report produced by the Executive Board of the IMF public so that everyone can be aware of the real status of the economy.
It was stated that the situation in the country would have been less stressful if the administration had listened to the advice of the minority in 2021 and applied for funding from the IMF.
The caucus, on the other hand, stated that the current strategy is analogous to a patient in an emergency ambulance who comes to the doorstep of the IMF, pleading for quick resuscitation.
The request was granted on May 17, 2022, following the government's approach to the IMF in July 2022.
Within a week, we should have the first installment of 600 million dollars.
