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Ghana’s parliament is in disarray owing to its recent failure in presenting a national budget

Ken-Ofori-Atta
  • Ghana and the IMF have yet to finalize negotiations on the requested $3 billion bailout loan. 
  • This has affected the presentation of the 2023 national budget for the country. 
  • The bailout fund has been a bone of contention in the country. 

Ghana and the International Monetary Fund have been in conversations over a $3 billion bailout for over 3 months.

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The West African country which experienced one of the worst economic declines in the year, has been searching desperately for a solution.

One of the solutions the Ghanaian administration has hinged its bets on is a $3 billion bailout from the International Monetary Fund.

Unfortunately, this relief fund has been delayed for months, and as such, has begun to affect the activities within the country’s parliament.

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Recently, it was reported that the delayed relief fund had altered the presentation of Ghana’s national budget, as the amount requested from the IMF is meant to be a significant part of the annual budget.

This of course has put the country’s finance minister under more pressure, following a call to fire the minister weeks ago. This same call was revisited when 98 majority lawmakers in Ghana threatened to boycott government businesses if President Akufo-Addo does not sack the Finance Minister immediately.

The 2023 budget was slated to be presented on 15 November.

The bailout fund itself has been a bone of contention within the country. On the one hand, the finance minister is insistent that the fund is a crucial part of its economic recovery plan, while the people share a different sentiment.

A section of the Ghanaian general public is of the opinion that options for solutions to Ghana’s current economic woes should come from domestic sources.

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They don’t believe that borrowing is the appropriate solution at such a time and have called for the government to be more creative, in trying to resuscitate the economy. The people even went as far as protesting to drive home this point. Read Story here.

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