Former President John Dramani Mahama has stated that Ghana’s economic lifeline with the International Monetary Fund (IMF) was close to failing when his government took charge. He said the program was in serious danger of collapsing before his administration assumed office in January 2025.
Mahama made these remarks during his “Resetting Ghana” tour in the Savannah Region on Saturday, May 23. He explained that his government inherited the IMF program from the previous administration. Key performance indicators agreed upon with the IMF were not met. This meant the program was at high risk of derailing.
The IMF program is a critical tool for Ghana’s economic stability. Such programs provide financial support and technical advice. They often come with strict conditions for economic reforms. Ghana has a history of engaging with the IMF during challenging economic periods. Previous engagements have seen strict austerity measures and structural adjustments. The current administration's early actions were aimed at regaining the IMF’s trust. This was necessary to unlock further financial assistance.
“We have also come to the end of the IMF programme. We inherited the IMF programme from the previous government,” Mahama stated. At the time of handover in January 2025, all agreed performance indicators were off track. This situation put the program in danger of derailment.
Mahama elaborated that his administration’s swift implementation of tough corrective measures stabilized the program. These actions helped secure positive assessments from subsequent IMF review missions. Ghana is now awaiting final approval from the IMF Executive Board. This approval is for the release of the final $380 million tranche of financial support. He stressed that Ghana’s economic recovery is still a work in progress. He cautioned against premature celebrations, describing the situation as “still a work in progress.” This suggests that continued vigilance and policy discipline are required.