Yapei / Kasawgu MP, John Jinapor said the Ghanaian people had to worry about government subsidies for electricity bills because this would have serious consequences.
The Ghana government has told its citizens that $ 1 billion in monetary support from the International Monetary Fund (IMF) is interest-free for the country and will not have long-term impacts.
According to Finance Minister Ken Ofori-Ata, the loan was made available to Ghana to reduce the impact of the coronavirus pandemic (COVID-19), which has affected the lives of the people and the economy as a whole.
The money is reported to be the largest IMF credit facility in the 63-year history of Ghana according to the Bretton Woods Institution.
John Ginapor, who contributed to the panel discussion on Peace FM’s Kokrokoo, wondered why the Akufo-Addo government would ask the IMF for help when it promised Ghanaian citizens not to lend money like the previous government.
He accused the government of massaging the truth for saying the IMF loan was interest-free. He claims that the people of Ghana will face future consequences that will disrupt the economy.
“However, Dr Baumia did not tell us that loans are a bad choice. Didn’t he tell us?” he wondered.
He also said that President Akufo-Addo’s promise to subsidize electricity bills was not free, but part of an IMF loan that would be repaid in 15 years.
“Today, in less than three weeks, you write to the IMF to borrow money. The money you use to subsidize electricity is borrowed money. We will return it with the principal and interest in 15 years,” he said.