Government Must Fully Brief Parliament On New IMF Program –KON

The Minority in Parliament has called on the Mahama administration to fully brief Parliament on Ghana’s new engagement with the International Monetary Fund (IMF), arguing that the absence of fresh financing under the programme does not absolve government of its responsibility to ensure transparency and accountability.

Leading the call, the Ranking Member on Parliament’s Economy and Development Committee and Member of Parliament for Ofoase-Ayirebi, Mr. Kojo Oppong Nkrumah (KON), insisted that although the IMF’s Policy Coordination Instrument (PCI) does not require parliamentary ratification, government must subject the arrangement to parliamentary scrutiny, because of its potential impact on the country’s economic management.

His remarks follow government’s transition from the IMF’s Extended Credit Facility (ECF) programme, which ended after Ghana completed the three-year reform programme, to the Policy Coordination Instrument, a non-financing arrangement designed to monitor and coordinate macroeconomic reforms.

Government has maintained that the PCI does not require parliamentary approval because it does not involve a new loan or fresh IMF funding.

However, in a statement posted on his official X account, Mr. Oppong Nkrumah argued that Parliament cannot be sidelined simply because the programme carries no financial assistance.

“The IMF’s Policy Coordination Instrument (PCI) may not require parliamentary approval because it comes without new financing, but that is no excuse to sideline Parliament or the Ghanaian people,” he stated.

The former Information Minister contended that the Executive has a constitutional and democratic obligation to disclose the policy commitments contained in the programme, its implementation roadmap and the likely implications for the national economy.

According to him, Members of Parliament must be afforded the opportunity to scrutinise the new arrangement and hold government accountable for the reforms it has undertaken.

The Member of Parliament for Ofoase-Ayirebi further urged government to explain how the programme would influence economic growth and employment, describing the two indicators as the issues of greatest concern to Ghanaians.

“In particular, we need to know its implications on growth and jobs as these are the key variables that matter to the Ghanaian people,” he said.

He maintained that economic reform programmes negotiated with international financial institutions should not be treated as the exclusive preserve of the Executive, insisting that citizens have the right to know the commitments being undertaken on their behalf.

“Ghanaians deserve to know the reforms being undertaken in their name and to hold government accountable for the outcomes,” he added.

Mr. Oppong Nkrumah concluded that transparency in governance should not be confined to situations where the law expressly requires parliamentary approval.

“Transparency and accountability must not end where legal requirements begin,” he stressed.

The Minority’s position is expected to fuel the ongoing debate over Ghana’s post-IMF economic policy framework, as the opposition continues to push for greater parliamentary oversight of major fiscal and economic policy decisions negotiated with international financial institutions.

By Jesse Otoo

 

 

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