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IMF deal may affect completion of capital projects but we have no option – Akufo-Addo

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President Akufo-Addo has said that the government’s involvement in talks with the International Monetary Fund (IMF) could delay the completion of some capital projects. He has also acknowledged that this is a possibility.

The President has indicated that certain infrastructure programs run by the government may be subject to interruption as a condition of the agreement with the IMF.

In remarks made on Monday at the Jubilee House during a meeting with the Western Regional House of Chiefs, Akufo-Addo stated that the assistance for the country’s balance of payments provided by the IMF will go a long way toward assisting the nation.

However, he gave the assurance that initiatives involving capital expenditures will proceed, notwithstanding the possibility of some delays.

“We need to make sure that all projects involving capital expenditures are finished, but there will be some temporary delays while we are making the agreements with the IMF, and that is what we are experiencing right now.”

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However, at the end of the day, we will get an arrangement that allows us to continue the projects,” “We need to make sure that all projects involving capital expenditures are finished.”

The construction of the National Cathedral and the implementation of Agenda 111 are both expected to be among the main projects that will be impacted.

On a multitude of occasions, the President of the United States has made the pledge that he will see to it that the construction of the National Cathedral is finished before he leaves office in January 2025.

The construction of the National Cathedral has been mired in a number of debates, and some members of the public are of the opinion that the undertaking is pointless in light of the current state of Ghana’s economy. As a result, the project has been met with significant resistance.

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On Tuesday, January 24, the Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, claimed that the project to construct the National Cathedral will cost the taxpayer a total of $1 billion, whereas the government and members of the board of trustees have stated that the project will cost only $400 million.

Hon. Ablakwa, who has on multiple occasions brought up concerns regarding the significance of the National Cathedral, stated in an interview that was broadcast on Citi TV that the figure of $400 million that is being bandied about by the government as the total cost of the project ignores completely several other factors that bring the total cost of the project to well over $1 billion.

The Minister of Finance initially estimated that the project would cost $100 million; however, that number has now been revised upward to $150 million. The chairman, Opoku Onyinah, later said $200 million, but now, based on recent papers, I have determined that the project is likely to cost the Ghanaian taxpayer around $1 billion.

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According to Mr. Ablakwa’s statements to Mr. Umaru Sanda Amadu, “the same amount that previous President Mahama used to put up the Ghana Gas project, which is generating us around $400 million annually.”

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