*MP Slams Fresh $1bn Borrowing Just Weeks After IMF Exit*

Parliament is considering to approve nearly $1 billion in new loans barely nine weeks after the government announced Ghana’s exit from the IMF Extended Credit Facility, sparking sharp debate on the floor.

In a contribution on July 21, 2026, the member of parliament for Ofoase Ayirebi, Mr Kwadwo Oppong- Nkrumah criticized the timing of the borrowing, arguing it exposes failures in domestic revenue mobilization.

According to the MP, the loan package includes about $300 million for Education, $500 million for Roads, $22 million for Finance, with another $180 million in net borrowing already captured in the budget.

The lawmaker said the borrowing was not driven by the merit of the projects, but by the government’s inability to meet its revenue targets.

 He noted that the administration had promised to remove taxes and grow revenue to 18% of GDP. 

However, 2025 figures missed that target, forcing a return to external financing.

“The more things change, the more they remain the same,” he said, describing the move as a return to borrowing barely two months after exiting the IMF program.

The IMF ECF was designed to restore fiscal discipline following Ghana’s debt restructuring. Hitting the 18% revenue-to-GDP goal was central to that plan. 

Missing it leaves a financing gap that the government is now trying to fill with fresh external loans for infrastructure and social services.

The MP stressed he was not opposed to spending on education and roads, but questioned why government was back in the debt market so quickly.

Report by PKB