The Speaker of Parliament, Alban Sumana Kingsford Bagbin, has expressed dissatisfaction with Ghana's repeated reliance on financial assistance from international institutions such as the International Monetary Fund (IMF).
Speaking at a public forum in Ho to mark Ghana's three decades of parliamentary democracy, Bagbin emphasized the need for a shift in approach, advocating for the formulation of a comprehensive national development plan that includes input from citizens.
“It is time for us to redefine the roots, get a national development plan envisioned, where we will all buy into it,” Bagbin asserted.
He called for bipartisan support to establish a plan that successive governments would adhere to, preventing the abandonment of projects and the waste of natural resources.
Bagbin criticized the trend of seeking IMF assistance, stating, “No society in the world has developed through the assistance of the IMF.”
He highlighted Ghana's abundance of natural resources and questioned the necessity of approaching the IMF for financial aid, citing the nation's 17th request for assistance.
The IMF approved Ghana's request for a $3 billion bailout in May, with the first $600 million disbursed to the Bank of Ghana. However, subsequent releases are contingent on Ghana meeting certain conditions, including improvements in domestic revenue mobilization.
Despite the approval, JoyNews checks revealed that Ghana has not fulfilled all necessary financing assurances to unlock the disbursement of the second tranche, originally scheduled for November 1, 2023.
The government is currently engaged in talks with external creditors for debt relief amounting to $10.5 billion. Proposals have been submitted to commercial creditors, seeking a potential 40% haircut, and additional debt restructuring negotiations are underway with bilateral creditors, including China and the Paris Club.