The Minority Leader in Parliament, Haruna Iddrisu says it is too early for government to jubilate over the Staff-Level Agreement it has reached with the International Monetary Fund (IMF).
The agreement indicates significant progress in Ghana’s efforts to reach a 3 billion dollar deal with the Fund to help the country’s ailing economy.
But reacting to the development, Haruna Iddrisu said there are a lot more processes ahead.
“For Staff-Level Agreement, I see them dancing and celebrating to it. It is premature. 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,” he said on the Floor of Parliament on Tuesday.
He said there is no need for the Finance Minister to be rejoicing after making the cedi appreciate against the dollar because the cedi was better when he became Minister than it is today.
“For the Minister for Finance to be dancing and saying, praise me because I have brought an improvement in the exchange of the cedi which was falling with some epileptics. He should ask himself at what level did he inherit the cedi against the dollar,” he added.
The Minority Leader also demanded that the Finance Ministry brings before Parliament, its debt restructuring arrangement for approval.
“Even the debt exchange they must bring something here and lay it for the people of Ghana. The Minister of Finance cannot just walk away as if everything in this country is determined by him.
“If you are doing ‘haircuts’ and you are changing contents of the agreement and whether domestic or external, they are contractual and those contracts comes with obligations he must come and lay a paper in this House,” he noted.
