Avoid IMF, explore other avenues for funds - Kofi Koranteng urges Mahama

Independent presidential candidate Kofi Koranteng, has urged the President-elect, John Dramani Mahama, to refrain from engaging with the International Monetary Fund (IMF) and instead explore other avenues to resolve Ghana’s economic challenges.

He questioned how the country would generate the necessary funds through the IMF, emphasising the importance of finding alternative solutions.

Speaking on JoyNews, an Accra-based TV station, he said, “Ghana has records, so the government should go in and extract reviews.”

President-elect Mahama had ex­pressed his intention to renegotiate the terms of an IMF bailout if he wins the December elections.

He also outlined plans to in­crease local ownership of future oil and mining projects in an effort to strengthen Ghana’s economy.

President-elect Mahama attribut­ed the country’s fiscal difficulties to a combination of factors, including years of excessive borrowing, the COVID-19 pandemic, the impact of the war in Ukraine, and rising global interest rates.

Ghana’s external debt, which stood at $30 billion in 2022, led to the country defaulting on a signifi­cant portion of its obligations.

In response, the IMF has already disbursed $1.56 billion to Ghana, with an additional $360 million scheduled for release by December

However, Mahama stated that “I will seek further IMF assis­tance to help Ghana resume debt repayments and stabilise the national economy.”