North Tongu MP Samuel Okudzeto Ablakwa has criticised the government’s $3 billion bailout deal with the International Monetary Fund (IMF), which was approved by parliament on Wednesday, May 17, 2023.
On May 17, 2023, the IMF’s Executive Board met in Washington and unanimously authorised a $3 billion bailout for Ghana.
On the day the bailout was approved, $600 million of the $3 billion loan was released, with the remaining $350 million to be released every six months for the course of the three-year plan.
Earlier, IMF Managing Director Kristalina Georgieva had voiced hope that Ghana’s growing goodwill within the international community and among its creditors would be sufficient to ensure the loan’s approval.
In an interview that aired on Good Morning Ghana on Metro TV on May 19, 2023, Ablakwa referred to the Ghanaians who negotiated the IMF agreement as evil.
The IMF programme, he said, will make life even more difficult for ordinary Ghanaians. “This is going to be the most painful, the most bitter IMF programme. I asked myself, Who negotiated this on behalf of Ghanaians? Does the person have a heart? Does the person care about Ghanaians?” he said.
“The analysis we have shows that because of this (the IMF) bailout, There are going to be 50 new tax measures, and income tax is coming to be progressive. There is going to be a quarterly tariff adjustment. So, every quarter, electricity tariffs are going to go up. Can you believe that? Every quarter.” he. added.
