I don’t know how the IMF cash will be utilized to benefit all Ghanaians – Abraham Koomson

The Secretary General of the Ghana Federation of Labour(GFL) Abraham Koomson has charged the government to utilize the $ 3 billion cash from the International Monetary Fund (IMF) properly to benefit all of Ghana.

Mr Koomson said the government has not explained clearly how it is going to use the funds to the benefit of all.

Reacting to the approval of the bailout by the Board of the Fund while speaking in an interview with Johnnie Hughes on the Sunrise show on 3FM, Friday, May 19, he said  “We have to pray hard because I don’t know how this IMF money is going to be applied for the benefit of the people of this country. [The government] doesn’t have a good plan for this country.”

The $600 million first tranche of the $ 3 billion International Monetary Fund (IMF) bailout for Ghana will be hitting the accounts of the Bank of Ghana (BoG) today Friday, May 19.

The Governor of the BoG Dr Ernest Addison announced that the central bank had already received an advisory notification on that already.

Speaking at the IMF-Ghana joint press conference held in Washington   on Thursday, May 18, Dr Addison joined virtually from Accra said “Just for your information we have had swift advisory today, [Thursday] to receive the money by tomorrow [Friday], 600million US Dollar”

Finance Minister Ken Ofori-Atta for his part said the second tranche is expected to be received in the next 6 months.

“There is a 600million Dollars release, I am sure we can get it by tomorrow, and in the next 6 months it is going to be another 600million dollars and then we have about five different tranches in the periods forward to get to the 3bn,” he said.

The IMF Mission Chief for Ghana Stéphane Roudet indicated that the $3 billion bailout will result in reforms in the energy and cocoa sectors.

Also, he said the programme will result in reforms to encourage private sector investments and also build international reserves.

“There will be reforms in the energy and cocoa sectors,” he said during a joint Ghana -IMF press conference.

“It will be restoring macroeconomic stability, for higher and more inclusive growth. It has reforms that will make the economy more resilient and likely to withstand shock in the future,” he added.

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