The presentation of the mid-year budget review scheduled for July 13 in Parliament has been postponed.<\/p>\n\n\n\n
According to Citi News sources, the postponement is due to ongoing bailout discussions with the International Monetary Fund (IMF) on the country\u2019s economy, which are yet to be concluded.<\/p>\n\n\n\n
The IMF delegation in Ghana will later today, Tuesday, meet the Finance Committee of Parliament as part of the ongoing negotiations.<\/p>\n\n\n\n
The team has been in Ghana since last week after the country declared its intent to return to the IMF for support.<\/p>\n\n\n\n
Ghana is expected to request support of almost $2 billion to shore up its finances.<\/p>\n\n\n\n
The government announced last Friday that it would hold formal talks with the IMF.<\/p>\n\n\n\n
Ghana currently has a total public debt stock of GH\u00a2391.9 billion, as of the end of the first quarter of 2022.<\/p>\n\n\n\n
The cedi is also the worst-performing African currency, after falling some 22 percent against the dollar this year.<\/p>\n\n\n\n
Skyrocketing fuel prices and rising inflation have not also helped the economy to rebound.<\/p>\n\n\n\n
Government officials have blamed Ghana\u2019s economic woes on the Covid-19 pandemic and the Russia-Ukraine war.<\/p>\n\n\n\n
Ahead of the meeting, a member of the Committee, Isaac Adongo has been telling outlined some of the main issues he expects the IMF to scrutinise.<\/p>\n\n\n\n
\u201cI will ask them [the IMF] to open their eyes on arrears. The arrears of Ghana is in excess of GHS30 billion,\u201d Mr. Adongo said.<\/p>\n\n\n\n
The MP also urged the IMF to \u201cgo and sit at the Bank of Ghana and check how much they have given to Ghana.\u201d<\/p>\n\n\n\n
\u201cIn the previous programme that we had, we improved the inflationary targeting framework by reigning in what we call fiscal dominance over monetary policy,\u201d Mr. Adongo noted.<\/p>\n\n\n\n