Stop IMF disbursement now, they are illegal- Minority

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September 8, 2015 1:28 PM

The Minority has, therefore, asked the International Monetary Fund to as a matter of urgency stop any further disbursement to the government.

The Minority in Parliament is accusing the Mahama administration and the International Monetary Fund of violating the country’s laws by approving and disbursing monies without parliamentary approval.

The Minority said the ongoing disbursement under the three-year bailout from IMF, in its current state, is in breach of the laws of the country.

Under the IMF extended credit agreement, Ghana is to benefit from about US$918 million. The agreement aims to restore debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation, while protecting social spending.

The country received the first tranche of 100 million dollars in April. The IMF board approved the disbursement of the second tranche of about 116 million dollars to Ghana Monday August 31, 2015. This is expected to hit the account of the Bank of Ghana in the second week of September 2015.

But the Minority in Parliament is raising legal issues with the disbursement.

Minority Spokesperson on Finance, Dr. Anthony Akoto Osei is demanding the recall of Parliament to ratify the loan agreement.

He said they are prepared to go to court to ensure the right thing is done.

They are therefore appealing to the IMF to stop any further disbursement until Parliament approves the agreement

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