2024 Mid-Year Budget Review: Government has already missed IMF target – Ato Forson claims

The Minority Leader and Member of Parliament (MP) for Ajumako Enyan Esiam, Dr. Cassiel Ato Forson, has claimed that the government has already missed a target set in the International Monetary Fund (IMF) bailout programme it is implementing.

According to him, as part of the IMF bailout agreement, the government is required not to accumulate any arrears, but the 2024 Budget Review statement presented by the Minister for Finance, Dr. Mohammed Amin Adam, shows that the government has accumulated billions of arrears.

Reading from the statement, the Ajumako Enyan Esiam legislator pointed out that the government has already accumulated arrears to the tune of GH¢4.5 billion.

“Mr. Speaker, I’m shocked today to have noticed that Appendix 2(a), page 107 of the minister’s Mid-Year Review and Economic Policy shows that this government has already missed the IMF target. They have missed the target already.

“Mr. Speaker, I refer you to Appendix 2(a), above-the-line, Arrears Clearance. This Government, contrary to the IMF programme that we should not accumulate any arrears, has accumulated new arrears worth GH¢4.5 billion.

He added, “… Arrears Clearance, Mr. Speaker, in the original budget this government had programmed zero in the first half of the year. Meanwhile, in the mid-year review Appendix 2(a), they have actually incurred new arrears worth GH¢4.5 billion.”

During the presentation, the Finance Minister noted the decisive policies implemented by the Nana Addo Dankwa Akufo-Addo government over the past two years were yielding the expected results.

He pointed out that the 4.7% 2024 1st quarter GDP (Gross Domestic Product) growth rate announced by the Ghana Statistical Service against the 3.1% target, as well as the reduction in inflation to 22%, as evidence showing that the economy is rebounding.

As such, he announced a positive revision of most of the country’s economic targets. For instance, the overall real GDP growth rate was revised upwards from 2.8% to 3.1%.



BAI/