Africa Education Watch (Eduwatch) together with representatives of over 600 Civil Society Organisations (CSOs) have petitioned the International Monetary Fund (IMF) board to exempt Ghana’s basic education sector from what they described as brutal expenditure cuts ahead of the bailout programme.
The CSOs explained that the expenditure cuts arise from Ghana’s bid to meet conditionalities for its Extended Credit Facility application.
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In a statement, the CSOs noted, “Eduwatch and representatives of over 600 Civil Society Organisations working to promote access to quality basic education and social protection in Ghana, submitted a petition to the Board of the International Monetary Fund (IMF). The petition calls on the IMF Board to remove brutal expenditure cuts in Ghana’s basic education sector, arising from Ghana’s bid to meet conditionalities for its Extended Credit Facility application”.
The various CSOs comprise Africa Education Watch, ActionAid Ghana, SEND Ghana and Ghana National Education Campaign Coalition (GNECC).
Ghana in its quest to secure the IMF bailout has been directed to work towards meeting the conditionalities thereby increasing taxes in some sectors of the economy.
The Finance Minister, Ken Ofori-Atta, has revealed that Ghana is likely to receive the International Monetary Fund’s (IMF) Board approval for a $3 billion bailout by the close of May 2023.
Mr Ofori Atta speaking to Eurobond holders at an Investor’s Presentation Forum said Ghana has made significant progress in terms of restructuring its debt and called on external creditors to support the country’s application for an IMF programme.
“We do at this time expect an IMF board approval in May [2023] and contemplate a rapid negotiation of a Memorandum of Understanding (MoU) with our creditors. We have made significant efforts on all fronts. We hope we could reach an agreement in principle with you our Eurobond holders quickly”.
“We understand this is a challenging time for all of you to commit and offer financial support to all of you. But please be assured we are fully committed to you and your advisors to ensure an equitable solution,” he said.