IMF must cut funds to Ghana – Minority

The Minority in Parliament is demanding that the International Monetary Fund (IMF) freezes further disbursements of monies to Ghana, alleging that the deal with the fund was not constitutional because it did not receive parliamentary approval.

At a press conference on Tuesday, the Minority Spokesperson on Finance, Dr Anthony Akoto Osei and legal practitioner, Afenyo Markin, said though Article 181 (3) of the Constitution states that “no loan shall be raised by the government on behalf of itself or any other public institution or authority otherwise than by or under the authority of an Act of Parliament,” President Mahama violated the law and approved the deal without recourse to Parliament.

They also cited Articles 181 (4) and 181 (6) to support its claims. The IMF board approved Ghana's three year arrangement for over $900 million on April, 3, 2015.

On September 1, 2015 the IMF Board completed its review of Ghana’s economic performance under the programme.

The fund has subsequently disbursed over $200 million under the current arrangement to Ghana.

They first released about $114 million and later $116 million; after assessing how Ghana was performing.

The Minority is, however, asking President Mahama to “take immediate corrective measures and call on the Speaker to cause Parliament to be recalled to approve” the deal.

“We demand further, that this exercise be undertaken not later than the end of this month, September, 2015.”

The Minority was surprised that “the IMF with all its experience in the surveillance of its programmes will condone such an egregious act by the government.”