Former Minority leader, Haruna Iddrisu, has claimed that the government will need to raise about $10.5 billion by the end of the year to save the economy from collapsing.

Giving a breakdown, he explained that the government plans to receive $3 billion from the International Monetary Fund (IMF) and bilateral or multilateral donors each.

However, he noted that the government is currently unable to determine where exactly it would raise the remaining $4.5 billion to ensure full recovery.

“The expectation is that 3 billion (dollars) will come from the IMF. Another 3 billion (dollars) from bilateral and multilateral donors. The other 4.6bn (4.5bn) sic. Government has no clue where that will come from. We are in distress, major economic distress. We have gone beyond an economic crisis,” he told JoyNews.

With respect to receiving support from the IMF, the Member of Parliament for Tamale South, asserted that Ghana would only be able to access the money in July of this year.

He did not provide reasons for this assertion, however, he said “I do not foresee an IMF closing until July 2023.”

Government has failed to meet the deadlines it has provided to receive assistance from the Fund. Government had predicted March but failed to see to it.

The Fund is currently unable to release the funds to Ghana due to the country’s inability to receive financial assurance from creditors who are to provide assurances they will restructure its debt as a condition of signing off on the loan.

According to the IMF, until this is done, it would not be able to provide the credit facility.

In view of this, economic experts are projecting that Ghana would receive assistance from the IMF by May this year.

Meanwhile, Finance Minister Ken Ofori-Atta has said a memorandum of understanding with official creditors and an agreement in principle on Eurobond restructuring are expected by July, with a 2030 Eurobond partially guaranteed by the World Bank included in the restructuring.

Ghana began formal engagements with the IMF in July 2022 and reached a staff agreement in December of that year.