Dissatisfied with government’s explanation about a $2 billion facility from China to upgrade the nation’s infrastructure, the Minority NDC petitioned the International Monetary Fund (IMF) and asked for clarification.
The IMF Country Representative Natalia A. Koliadina has replied the petition from Haruna Iddrisu and Minority spokesperson for Finance Ato Forson.
In her response, she said “… given the complexity of the transaction, I am unable to answer your questions immediately”.
According to the IMF Resident Director, the Fund will be discussing the financial agreement between Ghana and China at its next meeting where Ghana’s IMF deal will also be reviewed.
The confusion arises from a difficulty in determining whether the agreement falls under the IMF’s definition of loan. The technical memorandum of understanding the IMF has with Ghana confines government to how much it can borrow.
The IMF is under pressure in the US to reign in African countries from the influence of China which has been splashing out badly needed cash on African countries in exchange for mineral resources.