BUSINESS and FINANCE, POLITICS and GOVERNMENT

Ghana: EU May Resume Budget Support

The EU is optimistic that it will resume budget support to Ghana following the adoption of the IMF’s three year extended credit facility program

EU could step in to plug budget shortfalls. Its help, however, will come at a price. According to Mr. William Hanna, the Head of the European Union Delegation in Ghana, budgetary support for Ghana is conditioned on certain rules and prerequisites, all of which the implementation of the IMF three year extended credit facility program will ensure.

The inking of the IMF deal therefore sets the stage for possible resumption of EU budgetary support to Ghana. Mr. Hanna stressed that the EU appreciates the Ghanaian government’s commitment to improving public payroll management.  “We are looking forward to the publication of the quarterly progress reports by the inter-ministerial committee on payroll,” he said, adding that the government’s effort to root out ghost workers was also appreciated.

Better Options

The IMF deal that Ghana signed seems to have opened up a slew of opportunities for the country. One prominent retired diplomat and international relations expert, however, feels that Ghana can get a better deal away from the IMF.

International Monetary Fund

While IMF deals seem to unlock other benefits, a prominent diplomat has urged Ghana to joing the new Asian Investment Bank, saying that it is a better option to IMF

 

As Money Matters Africa reported earlier, Dr Daniel N. Kotei, a retired Diplomat has asked Ghana to join the Asian Investment Bank (AIB), saying that it is much better than IMF. AIB, which China established together with other Asian countries in October 2014, has gained notable momentum since its inception.

About the Author

Lennox is a public relations professional and seasoned writer who works with leading local and multinational brands operating in
Kenya and Africa. He is also an assistant catechist at his local Catholic parish and uses this position to sensitize members of his
community on the importance of fighting inequality. In the long-term, Lennox aspires to inspire Africans in all sectors of society to fight
all forms of inequality, as the continent is disproportionately affected by inequality when compared with the rest of the world

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