We Don’t Need To Borrow Because The Government Has $750 Million Here – John Kumah

Deputy Finance Minister, John Kumah has hinted that the government would not be seeking financial assistance from the international market to manage the economy this year.

Speaking on JoyNews’ Newsfile, Mr. Kumah noted that the government has put in place measures to cater for its expenditure without relying on the international market for assistance.

Aside from raising revenue domestically, the Deputy Minister said the government has put aside $750million out of $1billion it received from the International Monetary Fund (IMF) as Ghana’s Special Drawing Right (SDR).

According to him, that is approximately the amount needed by the Akufo-Addo-led government to meet its target expenditure for 2022.

“In 2022, the government is looking more within to raise the financing. The good news for Ghana is that the IMF gave Ghana Special Drawing Right (SDR) $1billion dollars and we spent $250 million of that in last year’s budget. We still have $750million sitting in Ghana.

So we don’t have to go out to the market to borrow. We have factored that and all the external financing we are looking at is just about $750 million for us to be able to achieve the expenditure target for 2022.

We think that we have enough capacity within our domestic market to be able to raise enough financing to achieve the budget target.”

Credit: JoyNews