The armamentarium will be acclimated to abate the appulse of the angry coronavirus ache (COVID-19) communicable on the lives of the bodies and the economy.
It will be the better accommodation ability accustomed from the IMF in Ghana’s 63-year-old history with the Bretton Woods institution.
The Citizen Adumbrative of the IMF in Ghana, Dr Albert Touna-Mama, told the Daily Graphic bygone that the academy would affair a one-off alteration of the funds to the Bank of Ghana (BoG) on or afore Friday.
“The cost is one-off; there is no tranching,” the IMF citizen adumbrative said in an email acknowledgment to questions from the Daily Graphic.
He added that the bulk was gain of an interest-free accommodation that the IMF accustomed for the country on April 13. Repayment will alpha afterwards five-and-half years.
The approval followed a appeal the government fabricated to the armamentarium in March, this year, for an emergency abetment beneath its Rapid Acclaim Ability (RCF).
The RCF is a concessionary accommodation artefact for low-income countries (LICs) that are adverse burning antithesis of acquittal (BOP) needs that accept been apprenticed by accustomed disasters, shocks and/or emergencies that advance to bread-and-butter fragilities.
Dr Touna-Mama explained that the IMF accepted the accommodation to “address the burning budgetary and BOP needs that Ghana is adverse as a aftereffect of the COVID-19 pandemic.”
He stated: “This cost will additionally advance aplomb and catalyse abutment from added development partners.”
He said clashing antecedent IMF accommodation abetment that were beneath adapted programmes, the $1 billion accommodation was not beneath a programme and “does not accept conditionality or targets to analysis at approved intervals.”
Ghana’s best contempo banking abetment from the IMF came in 2015, back the country entered into an $918-million continued acclaim ability (ECF) programme that helped to restore action believability and debt sustainability, while bolstering advance and the cedi’s strength.
Systems to the rescue
The IMF citizen adumbrative said the adapted attributes of the ability meant that the IMF would not conduct reviews over time on the appliance of the funds.
Beyond actuality the better accommodation ability anytime from the IMF to Ghana, it is cogent that the $1 billion abetment will not accept the accepted IMF conditionalities, the accepted reviews and the acrimonious rules that mostly administer the utilisation of its acclaim facilities, an adjustment that two economists, Professor Peter Quartey and Dr Said Boakye said in abstracted interviews could accessible the gain up for abuse.
Dr Touna-Mama, however, told the Daily Graphic that the armamentarium was assured “the accustomed safeguards in accessible banking administration systems” to advice assure and ensure accurate use of the funds.
He mentioned the Accessible Procurement Authority (PPA) and added blank from the Audit Service as some of the bodies that could advice bouncer the utilisation of the funds.
“The armamentarium has formed abundantly in accomplished years to advance accessible banking administration systems and controls and we do advance abstruse relations with the government in this area.
“Of course, in Ghana, civilian association is acutely alive and it has been active in the accomplished in captivation the government to account, and it is important that it will abide to comedy its role,” he added.
On how the government would annual for the utilisation of the funds, Dr Touna-Mama said the BoG and the Ministry of Accounts had agreed that the money would go to accounts the budget.
“As such, the accustomed safeguards in accessible banking administration systems, PPA and added blank from the Audit Service administer and will comedy their role,” he stated.
While commending the armamentarium for the abrupt acknowledgment to the country’s request, Prof. Quartey, who is a Professor of Economics, and Dr Boakye, an bread-and-butter and accounts researcher, said the absence of reviews and ecology by the IMF could be a compound for corruption of the funds.
Dr Boakye added alleged for a authentic apparatus that would adviser the utilisation of the funds to abstain corruption and bear the adapted results.
He said his abhorrence of a accessible corruption was acute by the actuality that this year was an acclamation year.
“Already, we accept heard letters of added amusing abatement programmes such as the chargeless aliment administration actuality abused.
“So if there are no mechanisms, this $1 billion will additionally go into areas and to bodies that do not charge it,” he said.
He alleged on the Parliament, civilian association organisations and the media to serve as a analysis on the government to advice abstain a accessible abuse.
On the added hand, Prof. Quartey said he had acceptance that the ascendancy systems in the accessible area would advice anticipate corruption of the funds.
He mentioned the Auditor General and Parliament as two of such accessible area institutions that should actively adviser to ensure advisable appliance of the funds.
“Morally too, it is adapted that the funds are appropriately activated because of the bearings we acquisition ourselves in.
“With the money meant to allay the sufferings that the virus has imposed on people, this is not the affectionate of money that you should misapply.
“I am not abiding breed will adjudicator you able-bodied back you appropriate those funds,” Prof. Quartey posited.
As of yesterday, the Ghana Health Service said the COVID-19 cases in the country had accomplished 636, out of which 17 had recovered, with eight deaths.
The ache has afflicted 10 out of the 16 regions.
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