Gov’t dancing and celebrating Staff Level agreement with IMF means nothing to us – Minority

The Minority in Parliament says the Staff Level Agreement reached between government and the International Monetary Fund (IMF) means nothing.

Speaking on the floor of Parliament on Tuesday, December 13, Minority Leader Haruna Iddrisu took a swipe at government officials for dancing and celebrating the Staff Level Agreement.

According to him, government must stay focused and deal with Ghana’s unsustainable debt levels.

“For Staff-Level Agreement, I see them dancing and celebrating to it. It is premature,” the Minority Leader said.

Haruna Iddrisu added, “Our debt is still not sustainable. The debt exchange initiative of the Minister may probably fail, as many are refusing to sign onto it. The content of the external bonds is still unknown, and they are running out of time to announce haircuts associated with the external bonds.

“For Staff-Level Agreement, to us means nothing. He must come with board approval and management approval if you read the text well of the agreement which has been signed under two important paragraphs.”

The IMF in an official statement on Tuesday announced a staff-level agreement sealed with the Ghana government.

The agreement is a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion or about US$3 billion.

The economic programme aims to restore macroeconomic stability and debt sustainability in the West African country.

Meanwhile, the staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.