The Paramount Chief of Nchumuru Traditional Area in the Krachi Nchumuru district, Nana Obrimpong Kanya ll, has called on the government to spend the IMF funds judiciously for developmental purposes.
Nana Obrimpong Kanya ll reminded the government of impending developmental projects in his his district and pleaded with the government to work on them as soon as possible.
Such projects, according to the paramount chief, are the bad road network from Borea to Chinderi, the district capital through Grubi to Boafori-Anyinanea to Nandi Junction which need urgent attention.
Aside the bad road network in the Krachi Nchumuru District, the chief also highlighted the educational infrastructure challenges among others and therefore called on the government to use the IMF funds to solve those challenges.
The first tranche of the $3 billion International Monetary Fund Extended Credit Facility (ECF) has been credited to the Bank of Ghana’s account.
A tweet from the Finance Minister, Ken Ofori-Atta, stated that “the Bank of Ghana informs me that the first tranche of $600 million of Ghana’s low interest $3 billion ECF facility has been received.
“These funds will be used for BOP [Balance of Payment] and budget support and will also help stabilise the FX rate and trigger a cascading effect on inflation.”
Another tranche of the funds is also expected to be disbursed by June 2023.
This will be followed by a visit by an IMF Mission to Ghana in June 2023 to review Ghana’s programme considerations.
Another review is expected just before the end of 2023, possibly in December 2023, before the final disbursement.
It is against this backdrop the paramount chief, speaking at the world Beeskeeping celebration held at Boafori, made the appeal.