Ghana’s current Extended Credit Facility agreement with the International Monetary Fund will be the last time the nation requests a bailout from the organisation, according to President John Dramani Mahama.
Speaking on Monday at the University of Ghana’s 77th Annual New Year’s School and Conference, the President said that Ghana would leave the program by the middle of 2026 and would never be eligible for another bailout.
The President declared that “It is my hope that this will be the very last time we will ever go for a bailout from that international monetary institution. It must be the 17th and the last time that Ghana goes for a bailout from the IMF,”
He underlined that the nation will not look for another bailout package, even though cooperation with the IMF will continue under Article 4 and other agreements.
“We’ll continue our collaboration with the IMF under Article 4 and other instruments that the IMF has. But it will definitely be the last time we go on our knees to beg for a bailout,” Mahama said.
The President noted favourable economic statistics under the agreement and described the Extended Credit Facility scheme as “very successful.”
He revealed that while foreign reserves increased from $8.9 billion to $13.8 billion over that time, debt decreased from more than 66 percent of GDP at the end of 2024 to 45 percent by the end of 2025.
“The IMF program, the extended credit facility program with the IMF, has been very successful. We’ll emerge from the extended credit facility with the IMF towards the middle of this year,” the President said.
Ghanaians were reassured by Mahama that the government will continue to exercise economic restraint throughout the 2028 election year.
“I can assure Ghanaians also that we will not relax the current fiscal discipline and efficient management of the economy even in the election year of 2028,” he said.
According to the President, his administration is bolstering domestic tax mobilisation, re-establishing budgetary restraint, reviving trust in the banking sector, and fostering the expansion of indigenous businesses.
“Economic resilience is not achieved through austerity alone, but through production, inclusion and shared prosperity,” Mahama clarified.
He promised to improve Ghana’s governance and economy to the point where no succeeding administration could undo it.
The President stated, “I have pledged to raise our economy and governance to a level that no succeeding government can reverse. We must demonstrate that democracy works, and that our people can have faith in their leaders to uphold their interests and create opportunities for national prosperity.”
Since gaining independence, Ghana has requested aid from the IMF on several occasions; Mahama referred to the present program as the 17th bailout.
Source: newsthemegh.com