Minority leader in Parliament, Dr Cassiel Ato Forson, has advised government to come up with a mid-year budget review that details specific steps it is taking to restore the economy.

“The most important matter of concern to us is the state of our economy and the fact that the government has announced an International Monetary Fund (IMF) programme and concluded same.

“It is our prayer that the mid-year review will address the issue of misery in the economy and be one that restores hope—a mid-year review that will put the country back on the path to economic recovery and unite all of us,” Dr. Forson stated.

According to him, the government continues to engage hefty spending despite having a limited budget.

He said "government’s lifestyle does not correspond to the financial constraints we face as a country."

Meanwhile, speaking on the IMF facility, Majority Leader, Osei Kyei-Mensah-Bonsu opined that even though the US$3 billion, which will be spread over three years, on face value is not enough for the country’s expenditure, its significance is enormous.

“The significance of it is that it gives confirmation by the IMF and World Bank that you are on a good trajectory – and that also serves to unlock other funds from the bilateral engagements you have, and the IMF and World Bank then come in as guarantors for your own sustenance; and that is the import of it.

“That notwithstanding, we should also ensure that what comes into the national kitty is utilised in fulfillment of our own promises and pledges so that we are able to keep ourselves on track,” he added.

According to him, the government will have to cut down its expenditure as part of the IMF conditionality in a manner that will negatively impact employment and infrastructural development.

“I think that at the heart of these discussions with the IMF, two things stand out: cut down expenditure and increase domestic revenue. This will require some careful balance, but we will get there with the mid-year review. And when it comes, I believe parliament will come together and offer useful suggestions as to the better ways for us in this endeavour to provide that dose of resurgence to the economy.”