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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
The Catholic Archdiocese of Accra to embark on Environmental Prayer Walk Against Galamsey
The Catholic Archdiocese of Accra in collaboration with the Conference of Major Superiors of Religious – Ghana (CMSR-GH), is organizing an Environmental Prayer Walk Against Galamsey on Friday, October 11, 2024, at 10am.
The walk will start from the Cathedral and end at Christ the King Parish, Cantonment.
According to a statement signed by Metropolitan Archbishop, Most.Rev. John Bonaventure Kwofie, this initiative reflects our civil, communal and religious commitment to our country and its ecosystem which is being destroyed.
In a statement issued, the church noted that “We shall engage in a Peaceful Prayer Walk, praying the Rosary which is our weapon against any adversaries. We shall congregate at the Holy Spirit Cathedral, Adabraka, to pray, go through the principal streets and end with Holy Mass at Christ the King Grotto, Cantonment, We shall present a petition to the Presidency at the Jubilee House.”
He asked all Priests to read this letter and announce this Prayer Walk in all Churches in the Archdiocese on Sunday, October 06, 2024, adding that Each Parish Priest or Priest-in-Charge is expected to bus his parishioners and support this event with bottles of water.
“I also ask the Knights of St.John International and Ladies Auxiliary, and the Knights and Ladles of Marshall to be present in their uniform and assist in coordination and maintenance of order,” the statement added.
“All Priests, Religious and Lay Faithful are expected to be present to show their commitment to our Country and its environment. May our Blessed Lady, who we beech in earnest prayer in this walk, intercede for our beloved country Ghana,” the statement concluded.
By Edem Mensah-Tsotorme
News
Democracy Hub: Ama Governor, eight other protesters granted GH₵70k bail each
Ama Governor and eight other Democracy Hub protesters have been granted bail, each set at GH₵70, 000 with two sureties.
As part of the bail conditions, the accused must report to the police once a week and deposit their Ghana cards at the court registry.
This decision follows an appeal against an earlier ruling by the circuit court, which denied bail to the nine individuals.
They are part of a group of 53 people charged with unlawful assembly, unlawful damage, assaulting a public officer, and offensive conduct conducive to breaching the peace.
These charges stem from their alleged involvement in disturbances during a protest against illegal mining (galamsey).
Despite opposition from the state, the court granted the bail application submitted by the defense lawyers. The other eight individuals granted bail include Emmanuel Gyan, Emmanuel Kwabena Addo, Ziblim Yakubu, Oheneba Prempeh, Philip Owusu Kobina, Desmond Akisbik, Von Coffie, and Sadik Yakubu.
Their release comes after protests demanding the release of the detained protesters erupted in Ghana and the UK. In Ghana, activists staged a three-day protest chanting slogans and holding placards that read “Free the Protesters” and “Justice for Democracy.”
The demonstrators emphasised the importance of the right to peaceful assembly and urged the government to respect citizens’ voices.
Simultaneously, supporters gathered outside the Ghana High Commission in the UK expressing solidarity with the protesters in Ghana and calling for the immediate release of all individuals arrested during the demonstrations.
Many attendees waved Ghanaian flags and carried signs bearing messages of support, drawing attention to the ongoing struggle for democratic rights in Ghana.
Source: Citinewsroom.com
