Former Finance Minister Seth Terkper said the government could succeed in negotiating a good deal with the International Monetary Fund (IMF) if it reviewed some of its social assistance programs such as free SHS.
He noted that the current SHS free policy would not be attractive to the IMF.
Speaking on the Accra Joy FM Super Morning Show on Monday, July 4, 2022, hosted by Moderghana News, Mr. Terkper stressed that the debt levels under this government are so high that Ghana now borrows interest rates. to the already borrowed.
“Free SHS in its unrestricted way does not continue. Your debt is not stable, and you are borrowing. You use all your income to cover compensation and interest. Borrows past debts. You have borrowed to pay off your past debt to support a free SHS. That is not a good conversation, ”he said.
According to him, former President John Mahama reviewed the 200 E-block project and reduced the number to 150 schools before negotiating with the IMF.
“We were in the Fund [IMF] when crude oil prices fell in 2015/2016. [Then,] our main program was E schools. We initially said we would build 200 schools. But when the truth came, President Mahama showed that we could not complete all 200, we could make 150 and yet, we covered it in 2017 and 2018. when we step down, ”he said.
Meanwhile, other government officials including Ms Abena Osei Asare, Deputy Minister of Finance and Kojo Oppong Nkrumah, the Minister of Information, argued that the government would still negotiate with the IMF to maintain a free SHS policy.
On Wednesday, July 6, 2022, International Monetary Fund (IMF) delegates are expected to arrive in the country to officially begin negotiations on the Ghanaian package.
This follows the announcement by the government of its decision to seek help from the IMF to help save the country's economy.
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