Kojo Oppong Nkrumah, the Information Minister of Ghana, has hit back at critics who claim that the $3 billion loan deal secured from the International Monetary Fund (IMF) was a result of poor negotiation by Ghana’s representatives.
Oppong Nkrumah said the government and the people of Ghana have done a commendable job in negotiating the programme.
The first to make such a claim was Isaac Adongo, the Member of Parliament for the Bolgatanga Central constituency.
Mr. Adongo said the press release of the Fund announcing the approval of the loan facility shows the incompetence of the Finance Minister on behalf of Ghana.
But speaking on Eyewitness News on Citi News, Mr. Nkrumah said skeptics had always doubted the success of the programme since its announcement, but the hard work exhibited by the government expedited the process leading Ghana to securing a loan in record time.
“You will recall that when government announced sometime last year that it wanted to reach a staff-level agreement by the end of December, the suggestion was that, it could not be done, thankfully we were able to do it. When the government announced that we were hoping to conclude this deal around May, again, the view was that it can’t happen, but I think, every step of the way, we must give credit to the people of Ghana and the government of Ghana”.
“The government and people of Ghana have actually negotiated well with the Finance Minister leading the team. We have done a good negotiation and the programme is described as a strong programme that leads the foundation for a robust recovery so rather our attention should be the need to ensure that we successfully implement the programme’s parameters and meet the programme’s targets so that the benefits accrue and not a new attempt to make arguments that the way it has been done so quickly, then it must have been a poor negotiation”.
The IMF board on Wednesday, May 17 approved the $3 billion loan for Ghana and released the first $600 million tranche on Friday, May 19.