Ranking Member of Parliament’s Economy and Development Committee together with Member of Parliament for Afoase Ayirebi, Kojo Oppong Nkrumah, has urged the government to appear before Parliament to present a comprehensive briefing on the International Monetary Fund’s Policy Coordination Instrument, maintaining that transparency, accountability and public oversight must remain fundamental principles throughout the programme’s execution.
According to Mr Oppong Nkrumah, although the International Monetary Fund’s Policy Coordination Instrument does not require parliamentary ratification because it is not accompanied by additional financial support, that procedural position should never become a basis for excluding Parliament or the Ghanaian people from understanding the programme’s objectives and implementation process.
He asserted that the government carries both a constitutional obligation and a democratic responsibility to disclose the programme’s policy commitments, implementation strategy and anticipated economic consequences before lawmakers. In his view, Parliament must be provided with sufficient information to scrutinise the government’s policy direction and monitor progress throughout the life of the programme.
Mr Oppong Nkrumah emphasised that legislators must receive a detailed explanation of how the programme is expected to influence economic expansion, employment generation and broader national development, arguing that these remain the foremost concerns for citizens across the country. He indicated that Ghanaians have a legitimate right to understand the economic reforms being introduced on their behalf and should equally possess the opportunity to assess whether those reforms ultimately deliver the promised results.
He further maintained that genuine accountability extends far beyond satisfying minimum legal obligations, insisting that openness should define every stage of the programme’s implementation. According to him, transparent governance requires continuous engagement with Parliament together with regular communication to the public regarding policy decisions and their outcomes.
“Transparency and accountability must not end where legal requirements begin,” Mr Oppong Nkrumah stated as he appealed to the government to embrace full disclosure throughout the implementation of the International Monetary Fund programme.
The International Monetary Fund Policy Coordination Instrument is a non financing policy framework established to assist member countries in designing and implementing credible economic policies while signalling strong reform commitments to international partners. The instrument seeks to strengthen macroeconomic stability, promote sustainable economic management and support structural reforms without providing direct financial assistance.
