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IMF $3bn Bailout: Joe Jackson urges govt to avoid reckless borrowing
The Director of Business Operations at Dalex Finance, Joe Jackson, is urging the government to refrain from excessive borrowing following the International Monetary Fund’s (IMF) $3 billion bailout for Ghana.
Speaking on Eyewitness News on Citi FM, Joe Jackson emphasized the need for the government to take a retrospective look at the activities that led to the economic crisis.
He stressed that the government should use the funds wisely and avoid reckless borrowing, as this would only worsen the economic situation.
Joe Jackson highlighted that receiving the bailout funds comes with the responsibility of ensuring proper utilization.
He cautioned against another spending spree and emphasized the importance of behaving responsibly to secure future tranches of the bailout.
“What this means is that, once we have taken the money, the behaviour that we have to undertake to ensure that this money is spent properly, has to kick in. We now have to make sure that we do the right thing. If anything at all, this is absolutely the wrong time to believe that we can be reckless in borrowing”.
He added, “This is the time you get prudent with your money. It’s not an invitation to go on another spending spree, it’s not the time to show your bad habits. If government doesn’t behave, it won’t get the 2nd tranche, talk less of the 3rd tranche. The whole world is watching to see how government will behave”.
He urged the government to learn from the current challenges and take measures to prevent reckless borrowing in the future.
“The programme is going to be for a few years, so I’m sure we will behave properly. We are so close to disaster this time, so close to total collapse that we have to learn our lessons. We need to ask ourselves the things we can do to prevent future governments from this reckless borrowing. How do we make sure that we don’t borrow and borrow until we can’t pay anymore? How do we make sure this does not happen again?” he emphasised.
Joe Jackson also called for a reduction in the size of government appointees and the elimination of ineffective State-Owned Enterprises draining the country’s resources.
The government sought financial assistance from the IMF due to various factors, including Ghana’s escalating debt situation, the impact of the COVID-19 pandemic, the Russia-Ukraine war, the banking sector clean-up, and excess capacity payments in the energy sector.
On December 12, 2022, the IMF reached a staff-level agreement with Ghanaian authorities on a new arrangement under the Extended Credit Facility.
Vice President Dr. Mahamudu Bawumia acknowledged the limited revenue generation options faced by the government amid the worsening economic challenges, leading to the decision to seek support from the IMF.
President Nana Addo Dankwa Akufo-Addo also expressed confidence in Ghana’s engagement with the IMF, stating that the deal would spur economic growth.
Credit: citinewsroom.com
News
National Service Authority to Introduce Military Training
Management of the National Service Authority, yesterday, Wednesday, April 23, 2025, held talks with the Military High Command towards the implementation of the National Service Emergency Response Readiness Programme (NSERRP).
When implemented, this will reflect His Excellency the President’s commitment towards the implementation of a short military training for National Service Personnel (NSPs) as planned efforts to instill discipline, nationalism and physical fitness among Ghanaian graduates.
The President shared this position during his maiden State of the Nation Address in Parliament on Thursday February 27, 2025.
At yesterday ’s meeting, the Director-General, Mr. Felix Gyamfi reiterated the need for all personnel to undergo basic military drills and orientation as part of orienting the youth to embrace national development.
“The introduction of this military training is a step in the right direction and must be embraced by all and sundry as one of the indicators for resetting the country, particularly the youth,” he commented.
On his part, Brigadier General Amoah-Boakye assured the Authority of their willingness to provide the requisite training for personnel when the Programme officially commences.
In all, personnel will receive up to two months of composite basic military drills starting 3rd August, 2025.
News
Ghana Tourism Authority acts on concerns of minors allegedly taken to Hotel in Accra New Town.
The Ghana Tourism Authority (GTA) has taken swift action following reports circulating on social media regarding an incident involving minors allegedly taken to a hotel in Accra New Town.
The case has been formally reported to the Nima Division of the Ghana Police Service for investigation.
In line with their mandate to ensure safety and compliance in the tourism and hospitality sector, our CEO Mrs.Maame Efua Houadjeto delegated a team from the GTA Head Office, Mr. Gilbert Abeiku Aggrey, Deputy CEO, Special Duties and Mr Ekow Sampson, Deputy CEO, Operations who joined the Greater Accra Regional Director, Ms. Roberta Dawson-Amoah, and the Deputy Director of Marketing, Ms. Clara Nketiah, to visit the said facility.
The objective was to verify the facts on the ground and take necessary regulatory action.
They commended the Ghana Police Service for their co-operation and continued support in the ongoing investigation.
Additionally, the team inspected Royal Dede Beach Resort, which has been converted into a hostel under new management without official notification to the Ghana Tourism Authority.
The team discovered that the hostel’s operations were not in compliance with the L. I 2239. Meanwhile the operator has been directed to the Standards and Quality Assurance Department of the Authority for the necessary regulation.
“We remind all accommodation operators that the Tourism(Registration and Licensing of Accommodation) Regulations, 2016 (L.I. 2239) mandates every facility to register and obtain a license from the GTA before commencing operations.
This regulation ensures quality, safety, and compliance across the industry,” they noted.
The GTA they said, remains committed to safeguarding the public and upholding the highest standards in the hospitality sector and urged
the public to report suspicious or non-compliant facilities to the nearest GTA office.
