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IMF $3bn Bailout: Joe Jackson urges govt to avoid reckless borrowing
The Director of Business Operations at Dalex Finance, Joe Jackson, is urging the government to refrain from excessive borrowing following the International Monetary Fund’s (IMF) $3 billion bailout for Ghana.
Speaking on Eyewitness News on Citi FM, Joe Jackson emphasized the need for the government to take a retrospective look at the activities that led to the economic crisis.
He stressed that the government should use the funds wisely and avoid reckless borrowing, as this would only worsen the economic situation.
Joe Jackson highlighted that receiving the bailout funds comes with the responsibility of ensuring proper utilization.
He cautioned against another spending spree and emphasized the importance of behaving responsibly to secure future tranches of the bailout.
“What this means is that, once we have taken the money, the behaviour that we have to undertake to ensure that this money is spent properly, has to kick in. We now have to make sure that we do the right thing. If anything at all, this is absolutely the wrong time to believe that we can be reckless in borrowing”.
He added, “This is the time you get prudent with your money. It’s not an invitation to go on another spending spree, it’s not the time to show your bad habits. If government doesn’t behave, it won’t get the 2nd tranche, talk less of the 3rd tranche. The whole world is watching to see how government will behave”.
He urged the government to learn from the current challenges and take measures to prevent reckless borrowing in the future.
“The programme is going to be for a few years, so I’m sure we will behave properly. We are so close to disaster this time, so close to total collapse that we have to learn our lessons. We need to ask ourselves the things we can do to prevent future governments from this reckless borrowing. How do we make sure that we don’t borrow and borrow until we can’t pay anymore? How do we make sure this does not happen again?” he emphasised.
Joe Jackson also called for a reduction in the size of government appointees and the elimination of ineffective State-Owned Enterprises draining the country’s resources.
The government sought financial assistance from the IMF due to various factors, including Ghana’s escalating debt situation, the impact of the COVID-19 pandemic, the Russia-Ukraine war, the banking sector clean-up, and excess capacity payments in the energy sector.
On December 12, 2022, the IMF reached a staff-level agreement with Ghanaian authorities on a new arrangement under the Extended Credit Facility.
Vice President Dr. Mahamudu Bawumia acknowledged the limited revenue generation options faced by the government amid the worsening economic challenges, leading to the decision to seek support from the IMF.
President Nana Addo Dankwa Akufo-Addo also expressed confidence in Ghana’s engagement with the IMF, stating that the deal would spur economic growth.
Credit: citinewsroom.com
Muslims across the country celebrated this year’s Eid-ul-Adha in a colourful and spiritually uplifting atmosphere under the theme, “A Season of Sacrifice, Solidarity and Spiritual Renewal.”
The celebration brought together Muslims from diverse backgrounds in a remarkable display of faith, unity and cultural heritage.
The occasion was marked by special Eid prayers at various designated grounds, the slaughtering of rams in homes for sharing among family members, friends and the less privileged, as well as musical concerts and recreational activities including horse riding.
Leading the celebration was the Chief Imam, Dr Sheikh Osman Sharubutu.
While the national celebration was held at the Black Star Square where President John Dramani Mahama was the Special Guest of Honour, similar gatherings took place at different centres across the capital and other regions of the country.
A visit by The Spectator to some celebration grounds revealed Muslims, both young and old, elegantly dressed in colourful jalabiya and other Islamic attire, reflecting the rich culture and traditions of the Muslim community.
The celebration also portrayed the spirit of religious tolerance and peaceful coexistence in the country, as a number of Christians joined their Muslim counterparts to mark the occasion.
Muslim leaders and government officials used the opportunity to call on the faithful to uphold the teachings of the Holy Quran, renew their spiritual commitment and refrain from acts capable of undermining the peace, unity and security of the nation.
They further urged Ghanaians to continue to live in harmony and support one another for national development.
By Linda Abrefi Wadie
Dear Obaa Yaa,
During Eid-ul- Adha celebration, I decided to spend the weekend at my boyfriend’s place since we were planning towards our marriage.
To my surprise, what keeps me wide awake, restless and frustrated every single time is that he snores loudly like a generator running on full power, and I genuinely cannot get any rest
At a point, I thought it was just a normal thing, but I have realised it is something he does with ease and doesn’t see anything wrong with it.
When he steps out in the morning, I try to get enough sleep because I may not sleep in the evening.
The most annoying thing is that, he always wants to cuddle me. These two things are a no for me and a red flag.
We are about to get married, what should I do?
Enam, Keta.
Dear Enam,
The snoring and constant cuddling are frustrating, but you don’t have to choose between sleep and closeness.
Start with the snoring: check if it’s worse when he sleeps on his back, cut out alcohol before bed, try nasal strips or a humidifier, and see a doctor if he pauses while breathing.
For quick relief, foam earplugs or noise-cancelling headphones help a lot.
Separate blankets, a bigger bed, or sleeping apart on some nights often makes couples rest well and feel closer overall.
Bring this up before the wedding .Tell him you want to wake up next to him for years to come, but sleep deprivation makes you both miserable.
Test earplugs and side-sleeping this weekend, and if it’s still unbearable, bring in a doctor. Good sleep matters more for your marriage than staying glued together all night.
