IMF and World Bank must be “better democratic” than they are, says Bagbin

The Speaker of Parliament has urged the IMF and the World Bank to collaborate with Parliament

The Speaker of Parliament, Alban Bagbin has urged the International Monetary Fund (IMF) and the World Bank to be “better democratic” than they currently are.

The Speaker was reacting to the Finance Minister’s statement on the government’s Domestic Debt Exchange Programme (DDEP) on Thursday (16 February).

He urged the Bretton Woods institutions to also collaborate with Parliament to “carry the country along”.

“…and I want this to the IMF and the World Bank, they must be better democratic than they because in negotiating these things they should hear from this House, Parliament and get out stamp then they [can] carry the whole country along.”

“When it is only with the Executive then it means that the post-war structures that we establish have outlived their usefulness and we now have to get new structures including the United Nations; we have to change those structures to respond to the current time. That is a notice to the IMF and the World Bank,” Bagbin said.

“Leave our pensioners alone”

Bagbin also admonished the government to exempt pensioners from the government’s Domestic Debt Exchange Programme (DDEP) and to involve Parliament in major policy decisions

He said pensioners must not be a group of interest to the government in the country’s Domestic Debt Exchange Programme.

However, the Finance Minister said the government remains committed to the well-being and dignity of senior citizens and pensioners.


“Indeed, it has personally caused me great distress as a number of our pensioners have picketed at the premises of the Ministry for Finance since Monday (6 February 2023). I have already indicated in my press release dated 14 February that government would honour their coupon payments and maturing principles like all government bonds in line with the government’s fiscal commitments.”

“In seeking to understand the concerns of our senior citizens, I have met with them on three occasions; the most recent was 15 February 2023 where I explained the terms of the new bonds. Speaker, I subsequently wrote to their convener that all pensioners who did not participate in the bond offering are exempted,” Ofori-Atta added.

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