President Mahama Open to Refining $3 Billion IMF Bailout, Says Additional Funds “Not Off the Table”
President John Mahama has signaled openness to revising the country’s $3 billion International Monetary Fund (IMF) bailout, hinting that additional funding is a possibility as the government navigates economic recovery.
Speaking in an interview with Bloomberg’s Jennifer Zabasajja on the sidelines of the Munich Security Conference, President Mahama reiterated his administration’s commitment to the ongoing IMF-supported economic reform program, which began in May 2023 and is set to expire next year.
“We are determined to continue with this program,” President Mahama stated, acknowledging the fiscal constraints imposed by the bailout conditions.
Under the agreement, Ghana is required to achieve a primary surplus of 1.5% of GDP by the end of 2025, limiting the government’s ability to boost public investment.
While President Mahama did not confirm whether Ghana would formally request additional IMF support, his remarks suggest that securing further assistance “is not off the table”, raising speculation that the government may explore avenues to enhance fiscal space and sustain economic growth.
The IMF program has been instrumental in stabilizing Ghana’s economy, helping to curb inflation, enhance revenue mobilization, and restore investor confidence. However, the strict fiscal consolidation measures have also posed challenges, particularly in areas requiring urgent development spending.
With Ghana facing a crucial economic crossroads, President Mahama’s comments may signal an upcoming policy shift as the country weighs its next steps in navigating post-bailout economic stability.
