Home / Business / Ghana Risks Losing $116 Million IMF Cash – Report

Ghana Risks Losing $116 Million IMF Cash – Report

The International Monetary Fund (IMF) could withhold the third tranche of $116 million from Ghana as part of the $918 million deal the two parties signed in 2014, it has been reported.

Finance Minister Seth Terkper signs IMF deal

The institution transferred the first tranche of $116 million to Ghana in January 2015 and the second worth $114.6 million in September 2015.

But the third tranche is threatened by government’s plan to pass an amendment bill on borrowing from the central bank, according to a report by myjoyonline.com.

The report said the amendment to the Bank of Ghana Act will enable the government to borrow not more than 5% of the previous year’s revenues from BOG, but that would contravene the terms of the IMF deal which demand that the government must not borrow from the central bank during the duration of the deal.

It quoted the member of parliament’s finance committee, Dr Mark Assibey Yeboah, as saying that the IMF may not release the third tranche because the government was “not sticking to the rules of the game”.

Source: radioxyzonline.com/ files from yen

Leave a Reply

%d bloggers like this: