Lawyer Kwame Gyantuah, the Chairman of the Political Affairs Committee of the Convention Peoples Party (CPP), is calling for transparency regarding the utilization of the first tranche of the International Monetary Fund (IMF) loan, as Ghana prepares to receive it today.
The IMF recently announced the approval of a $3 billion facility aimed at revitalizing Ghana’s struggling economy, with the initial installment of $600 million expected to be disbursed to the government today, May 19, 2023.
While the government is hopeful that this funding will positively impact the lives of many Ghanaians, the Minority in Parliament holds a differing view.
During an interview on the Weekend Review Segment on Starr FM, Kwame Gyantuah emphasized the need for transparency and raised questions about why the government has not taken adequate measures to transform the economy.
As the loan is set to be received, Gyantuah’s demand for clarity on the specific utilization of funds underscores the importance of accountability and ensuring that the loan is effectively and efficiently utilized for the betterment of the nation.
“… I heard the Finance Minister when he said the IMF $600 first tranche that is coming we are going to use it for government programmes, what programmes? Like before, oh, we are using it for X, but we are doing Y. You don’t delve deep into the nitty gritty for people to understand. You have to delve into it.
“We are getting $604 million between now and the next tranche that will come in, number one, number two, number three…this is how we will expend it, these are some of the returns we are looking. Has that been done, has that been told us? Should that transparency not start, because you say this IMF thing that is coming in is to build confidence in the economy, that confidence in the economy where should it start from? shouldn’t it start locally? why is it that we are always thinking of international and we are thinking of going back to the bond market and get loans, why?” Kwame Gyantuah asked.