Ranking Member on Parliament's Energy Committee, John Jinapor

Member of Parliament for Yapei-Kusawgu, John Jinapor, has disclosed that the Minority in Parliament will be meeting officials from the International Monetary Fund (IMF).

He said the purpose of the meeting with the IMF will be to demand an account of the “contingent liabilities” accrued by the Akufo-Addo led administration.

According to him, the Minority has taken note of various debts which the Akufo-Addo-led administration has failed to capture in its budget as part of the country’s debt stock, therefore, meeting the IMF will give them an opportunity to demand an account of how those liabilities are being dealt with.

“The Minority will be meeting the IMF to make a strong case that all contingent liabilities that are crystalising ought to be taken into account and in our subsequent budget provision, we must push them from below the line, recognize them and make provision for them.

He added that “we went to borrow $2 billion to fund the Sino hydro project and said it’s not part of our debt. ‘It’s barter trade’ and we are going to process our bauxite in 3 years into refined aluminum and use that money to service the facility.”

However, years down the line, nothing of that sort has happened.

He also mentioned that “we’ve borrowed over $2billion from the GETFund and decided that’s not part of our debt. We are borrowing 8 billion for the energy sector levy, we say it’s not part of our debt. We’ve borrowed so much by creating SPVs and decided that we won’t add that to our debt.

“So the national debt of 80.1% is mentioned but when we read the budget and look at revenue and expenditure line, you’ll see that the revenues are coming but they are going out to service these facilities,” he added.