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Delay by the IMF would render 2023 budget figures meaningless – Theo Acheampong

A $3 billion support program is being discussed by a government delegation currently in Washington DC for the World Bank-IMF Spring meetings. However, concerns have already arisen from economists over the potential delay in accessing the program and the impact it may have on Ghana’s economy. Dr. Theo Acheampong, a risk analyst, has stated that if the first tranche of funding is not released and the IMF program is delayed, the figures presented in the 2023 Budget will no longer be accurate, and a revised budget must be presented to Parliament. He expects the revised budget to require deeper cuts to government expenditure to compensate for the revenue loss. Eric Amponsah Boateng, an economist and tax analyst, warns that failure to secure the deal by the end of April could be catastrophic for the country’s growth and development. The World Bank’s April 2023 Africa Pulse report emphasizes the need for faster and more inclusive debt restructuring talks on the international front, enabling Ghana to access an IMF program to contain its current economic situation. The report also calls for all creditors to negotiate at the same level with debt-distressed countries like Ghana to bolster stability for growth

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