2024 Budget has nothing to do with accessing $600m from IMF – Bokpin

 

Godfred Bokpin, an economist, has played down claims that the country will not be able to obtain its second tranche of $600 million from the International Monetary Fund (IMF) unless the 2024 budget is approved.

He stated that the IMF has not indicated that the 2024 budget is one of the options for Ghana to receive the second tranche in an interview on Joy FM's Top Story on Thursday, November 30.

"The $600 million has nothing to do with the 2024 budget because it is very clear from the IMF-supported programme document on what Ghana needed to do in order to access the next $600 million," he said to Evans Mensah. "That is what is needed for Ghana to get the next tranche of the IMF-supported inflows."

His remarks reflected worries expressed in Parliament regarding the necessity of the 2024 budget's approval for the nation to be eligible for the IMF's second 600 million dollar release.

The people making the claims implied that the economy might suffer greatly if there was a delay in approving the budget.

However, Professor Bokpin claims that the official creditor committee's agreement is the reason Ghana is unable to receive the next tranche.

We're not even looking at the entire amount of external debt here. Since we are examining the external bilateral, their consent was required in order for the IMF Board to take Ghana's initial review into consideration. 

We could receive the $600 million as a result. He reiterated, "It has nothing to do with the budget for 2024.

 After saying this, he urged Parliament to carefully examine the 2024 budget in order to protect the interests of the nation.