According to the Minority, the Mahama Administration and the IMF have violated the laws of the country by approving and disbursing monies without parliamentary approval.
Addressing a news conference in Accra yesterday, the Minority Spokesperson on Finance, Dr. Anthony Akoto Osei and the Member of Parliament for Effutu, Alexander AfenyoMarkin said they were appalled that the IMF, with all its experience in the surveillance of its programs, would "condone such an egregious act" by the government of Ghana.
The Minority is urging IMF to, in the interim; defer extra disbursement of its credit facility to Ghana, till the contractual agreement about the bailout programme receives parliamentary approval.
Dr. Akoto Osei, delivering the Minority view said though Article 181 (3) of the constitution states that "no loan shall be raised by the government on behalf of itself or any other public institution or authority, otherwise than by or under the authority of an Act of Parliament," the ruling NDC administration has violated the law and went ahead to approve the deal without recourse to Parliament.
"President John Dramani Mahama has violated the Constitution as far as the IMF ECF loan is concerned.In this respect we strongly demand that the President takes immediate corrective measures and call on the Speaker to cause Parliament to be recalled to approve of or otherwise of the IMF ECF Loan.
"We demand further that this exercise be undertaken no later than by the end of this month, September 2015," observed Dr. AKoto Osei. According to the Ranking Member on Finance, should their demand fall on death ears, they would have no option than to use all avenues including going to court to ensure that the sanctity of the Constitution is protected.
Despite this demand for a recall of Parliament by the Speaker to rectify this gross violation of the Constitution, we reserve our right to use all avenues to ensure that the sanctity of the Constitution is protected should the government be adamant.
Background
The government of Ghana in August 2014, recognizing that its economic policy were not bringing the expected results, requested an arrangement with the International Monetary Fund (IMF) to help support stronger policy adjustment, restore market confidence and revive Ghana's "transformational agenda".
Under the IMF extended credit agreement, Ghana is to benefit from about US$918 million. The agreement aims torestore debt sustainability, rebuild external buffers and eliminate fiscal dominance of monetary policy.
Also it aims at restoring macroeconomic stability in the country to foster a return to high growth and job creation, while protecting social spending. Ghana is currently enjoying a three year IMF Extended Credit Facility worth US$918million. Since the approval on April 3, 2015, the Breton Woods Institution has released an amount of US$233.2 million to the government.
By LEGAL LINK INTERNATIONAL.WEST AFRICA BEAURAL
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