Use $600 Million IMF Bailout Wisely - John Mahama To Gov't

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Following the recent approval by the IMF Executive Board on January 19, 2024, of a $600 million bailout disbursement, former President John Mahama is urging the government to exercise prudence in utilizing these funds to alleviate the enduring economic challenges faced by Ghanaians.

Related To This: Gov't Will Implement Strong Structural Changes - Finance Minister After IMF Approved Second Tranche of US$600 million

Mahama, expressing concern over the persistent struggles of Ghanaians, emphasized the need for the Akufo-Addo-led administration to ensure that the substantial funds are employed judiciously to bring relief to the suffering citizens. 

Noting the release of the first tranche last year, Mahama contended that Ghanaians continue to endure hardships, despite prior disbursements.

Related To This: Invest IMF Funds Into Economic Sustainability Rather Than Consumption - ISSER Director to Gov't

In a Facebook post, Mahama underscored the potential repercussions of an incoming Value-Added Tax (VAT) on electricity consumption, cautioning that it could lead to increased tariffs, consequently affecting the prices of goods, services, and transport fares. 

He stressed the potential burden on Ghanaians, highlighting the need for the government to reconsider the decision to impose VAT on electricity consumption.

While acknowledging the readiness of the National Democratic Congress (NDC) to address Ghana's economic challenges and offer relief upon assuming office in January 2025, Mahama accentuated the significance of responsible and cautious management of the IMF funds. 

He further encouraged the NDC minority in parliament to exercise stringent oversight and scrutinize the government's actions, emphasizing the importance of meticulous monitoring of both government operations and the Bank of Ghana in light of economic concerns.

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