Ghana's IMF programme nearly derailed before intervention - President Mahama

President John Dramani Mahama has disclosed that Ghana’s programme with the International Monetary Fund was on the verge of going off track when his administration assumed office, forcing government to implement urgent corrective measures to restore stability.

His comments follows Ghana’s broader economic recovery following the successful completion of the country’s US$3 billion Extended Credit Facility programme with the IMF.

During a speech delivery at the “Resetting Ghana” tour in the Savannah Region on Saturday, May 23, 2026, President Mahama stated that the development placed the programme in a fragile state and threatened its successful implementation if immediate interventions had not been introduced.

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“We inherited the IMF programme from the previous government. At the time we took over from the previous government, all the agreed performance indicators were off track. It meant that the programme was in danger of derailment,” he stated.

The President further explained that his administration was compelled to introduce stringent measures within the first quarter of taking office to restore the programme and ensure Ghana remained compliant with IMF requirements.

“And so in the first quarter, after we took over, we had to take some stringent action to bring the programme back into alignment and bring it back on track,” he added.

However, he stressed that although progress had been made, his administration would not celebrate prematurely because the economy still requires significant work.

“It’s now going to the board, and the board will release the last tranche of $380 million to support the Ghanaian economy. But we’re not going to have a kenkey party because we believe that it is still a work in progress. Unlike others who left the IMF and held waakye and kenkey parties, happy to be free from the IMF, we are not doing that because we know that our economy still needs a lot of work to be done.”he stated.

Mahama also revealed that subsequent IMF review missions had given Ghana positive assessments, with the programme now awaiting final board approval for the release of the last tranche of $380 million.

ANAS/EB

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