'Nine weeks after IMF exit, we're borrowing again' - Oppong Nkrumah

Ranking Member on Parliament's Economy and Development Committee, Kojo Oppong Nkrumah, has questioned the government's return to external borrowing barely nine weeks after Ghana exited the International Monetary Fund (IMF) Extended Credit Facility (ECF) programme.

According to the Ofoase-Ayirebi MP, the Mahama administration's request for Parliament to approve nearly $1 billion in fresh loans raises concerns about the country's domestic revenue mobilisation efforts and long-term debt sustainability.

2019 budget will mark Ghana's IMF exit – Kojo Oppong Nkrumah

Contributing to a debate on international financing agreements in Parliament, Oppong Nkrumah argued that although the Minority supports the projects to be financed, the timing of the borrowing warrants scrutiny.

Opening his submission with the French expression, "Plus ça change, plus c’est la même chose" — meaning "the more things change, the more they remain the same" — he said Ghana's reliance on external financing appears to have continued despite the government celebrating its exit from the IMF programme in May.

He noted that the borrowing package includes funding for education, road infrastructure and the Ministry of Finance, in addition to borrowing already captured in the 2026 Budget.

The former Information Minister also challenged the government's claim that stronger domestic revenue mobilisation would reduce dependence on borrowing.

"It is because the domestic resource mobilisation measures are not performing that nine weeks after the IMF left town, they have gone back to the debt markets and are asking Parliament to approve close to one billion dollars."

While reiterating the Minority's support for the loan agreements, Oppong Nkrumah urged the government to improve revenue collection and tighten expenditure management to prevent Ghana from slipping back into unsustainable debt levels.



NA/BAI