GNCCI CEO Warns Gov’t Against Abandoning IMF Reforms After Programme Exit
Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, has cautioned Ghana against abandoning economic reforms after exiting its current International Monetary Fund (IMF) programme, warning that a return to past fiscal habits would entrench the country as a permanent client of the Fund.
Speaking on Joy News’ PM Express Business Edition on Thursday, Mr Badu-Aboagye said Ghana’s repeated reliance on IMF support reflects a failure to manage the economy independently once programmes end.
“If we continuously do what we are doing, then that means that we should be under the IMF for life,” he said.
Ghana is targeting an exit from its IMF-supported programme later this year, following efforts to stabilise the economy after years of fiscal stress, rising public debt and currency depreciation. However, the GNCCI CEO stressed that the real test of credibility would come after the programme ends.
According to him, Ghana must demonstrate the ability to maintain fiscal discipline, implement structural reforms and protect macroeconomic stability without external supervision.
“If after the exit of the IMF, we cannot manage our economy, then the IMF should bring their head office here and control us,” he stated.
Mr Badu-Aboagye argued that the challenge has never been the IMF itself, but Ghana’s inability to sustain reforms once programmes expire. He noted that most of the measures prescribed under IMF programmes are fundamental policy actions that should be treated as long-term national priorities.
“All the things that they have asked us to do, that we have done, I think we should continue,” he said.
He warned that Ghana’s frequent return to the Fund points to deeper governance weaknesses, where difficult reforms are implemented under pressure but quickly reversed when oversight ends.
“There shouldn’t be any reason why we should deviate from these important fundamental changes that the IMF have brought to us; that is why we keep going there,” he added.
Citing Ghana’s history of IMF engagements, Mr Badu-Aboagye noted that the country has sought IMF support 17 times, a record he described as troubling.
“I mean 17 times,” he said, adding that such a pattern should compel policymakers to strengthen institutions and enforce long-term economic discipline.
He also criticised the public narrative that often portrays the IMF as an adversary, despite Ghana repeatedly turning to the Fund to address economic challenges.
“And anytime you go there, it’s as if the IMF is a devil,” he said.
According to him, Ghana must take ownership of reforms and stop externalising blame, especially if the country is serious about building investor confidence and achieving sustainable growth.
Mr Badu-Aboagye said exiting the IMF programme should not be seen as an end in itself, but as a turning point that demands stronger economic management, policy consistency and a firm commitment to maintaining the reforms already implemented.
