IMF deal will hike utility prices quarterly, Minority cautions

IMF deal will hike utility prices quarterly Minority cautions
Minority Leader, Hon. Ato Forson

The Minority in Parliament has alerted Ghanaians, especially the youth, to prepare for tough times as the International Monetary Fund (IMF) programme in Ghana takes effect.

The Minority said the government of President Akufo-Addo agreed to the IMF to raise utility prices every three months as part of the conditions for the extended credit facility (ECF).

“Since September 2022, electricity prices have increased by a total of 75.32% (27% in September 2022, 29.96% in the last quarter of 2022 and 18.36% a few days ago,” Minority Leader Dr Cassiel Ato Baah Forson stated in a press release on Thursday, May 18.

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“We must get ready for the full impact of this IMF deal, which will surely hurt Ghanaians, especially the youth.”

It added: “This is not a hopeless message, but a reality that will soon hit all of us.”

The Minority says it will speak to Ghanaians in the coming days by revealing the content of the IMF Executive Board’s report to all in order for all to know the true state of the economy.

It said the country would have been in a better position if government had listened to the Minority’s advice to go to the IMF in 2021.

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But the caucus said the current approach is like a patient in a critical ambulance who arrives at the door of IMF, desperate for immediate revival.

After government approached the IMF in July, 2022, the request was approved on Wednesday, May 17.

The first instalment of $600 million is expected within a week.

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