Despite Ghana’s request for a bailout from the IMF, a Senior Presidential Advisor, Yaw Osafo-Maafo, has stated that allowances given to trainees in colleges of education will not be scrapped.
Speaking at the 175th-anniversary celebration of Akropong College of Education, Yaw Osafo-Maafo assured teacher trainees that all allowances would be maintained.
“I know that the difficulty in the economic landscape, which has resulted in the government signing up for a programme with the International Monetary Fund (IMF), may cause you some concerns. But none of the allowances introduced in the teaching profession will be affected by our programme with the IMF. If there are any difficulties in prompt payments, it is coming from our own mobilization of resources and not from the IMF,” Mr. Osafo-Maafo said.
In May this year, Ghana received the first $600 million tranche of a $3 billion, three-year extended credit facility.
The funds will be used for budget support and help bring down inflation, Ofori-Atta said on Twitter.
The Board of the International Monetary Fund approved the $3 billion, three-year rescue loan, paving a potential path out of Ghana’s worst economic crisis in a generation.