When hope is promised, delivery must follow - A leadership reflection by Dr Opoku Prempeh

Read Comments Comments (1)

• Nsia 1 week ago

  What a load of absolute bollocks! How many schools, colleges, polytechnics or universities did NPP build in 8 years? None!
  How nany megawatts of electrical power did NPP add to our national grid in 8 years? None! Yet, this i ...
  read full comment

  What a load of absolute bollocks! How many schools, colleges, polytechnics or universities did NPP build in 8 years? None!
  How nany megawatts of electrical power did NPP add to our national grid in 8 years? None! Yet, this is how much useless Opoku Prempeh and his govt borrowed on our behalf with nothing to show for it.
  
  Key borrowing from major multilateral institutions (2017-2024) includes:1. International Monetary Fund (IMF)$3 Billion Extended Credit Facility (2023): In May 2023, the IMF board approved a 36-month arrangement, with an immediate $600 million disbursement to manage the economic crisis.Subsequent Disbursements: Throughout 2023 and 2024, additional disbursements were made upon review of the program, bringing total disbursements under this arrangement to over $1.5 billion by early 2024.COVID-19 Relief (2020): Ghana received substantial support from the IMF, including a Rapid Credit Facility (RCF) of about $1 billion to tackle the pandemic.
  
  World Bank (IDA & IBRD)COVID-19 and Crisis Support: The World Bank provided substantial funding, including over $430 million for Covid-19 response and an additional $130 million for vaccines.Resilience and Recovery Programs::
  
  Between 2021 and 2022, the World Bank approved approximately $903 million for various projects.IMF-Backed Reform Support: In 2024, Ghana received $360 million from the World Bank to support ongoing IMF-backed reforms.Energy Sector Support: A 2021 package included a $250 million credit and $10 million grant for energy infrastructure.3. European Union (EU) & European Investment Bank (EIB)Development Bank Ghana (DBG) Setup: The EIB provided a €170 million loan facility to help set up the Development Bank Ghana.Job Creation Facility: A €40 million facility was signed with the EU to promote investments and job creation.Debt Context (2017-2024)Total Debt Stock Increase: Ghana’s total debt stock increased from GHS 122 billion in 2016 to over GHS 761 billion in 2024, although the government argues this includes exchange rate depreciation impacts, not just new borrowing.Multilateral Borrowing Trends: External debt from multilateral institutions reached over $1.2 billion in annual disbursements in 2022 and remained high through 2024.Debt Restructuring: Due to the high debt levels accumulated by 2022, the government initiated a comprehensive debt restructuring under the G20 Common Framework.

  reply