Mahama Pledges to Review Agreements with Development Partners, Address Debt Challenges
President-elect John Dramani Mahama has announced plans to review and adjust Ghana’s existing agreements with development partners to better align with the country’s current needs and aspirations.
During a courtesy call by United Nations Resident Coordinator Charles Abani, Mr. Mahama underscored the importance of forging partnerships that reflect both contemporary realities and the vision of his incoming administration.
“This adjustment is crucial and will help put the new government that would be inaugurated next year on the same springboard with our development partners to begin the rebuilding of the economy and the country,” Mr. Mahama stated.
Engagements with International Institutions
Mr. Mahama highlighted the need for prompt dialogue with international institutions, particularly the International Monetary Fund (IMF) and the World Bank, to realign ongoing programmes with the priorities of his government.
“Looking at the existing programmes, we need to tweak them to meet the realities of today. One of our main concerns is the issue of debt repayments. We need to see how we can smooth them so that we don’t default again, which will be more catastrophic than the current defaulting,” he remarked.
Ghana is currently under a 36-month, $3 billion Extended Credit Facility agreement with the IMF. Additionally, the country has signed various agreements with the World Bank, including $250 million for the Ghana Financial Stability Project and another $250 million for the Ghana Energy Sector Recovery Programme.
Tackling Economic Challenges
Mr. Mahama acknowledged the complexity of the economic challenges ahead, stressing the urgency of managing debt repayments while stabilising the economy.
“I don’t kid myself that it is going to be an easy task; it is going to be quite tough,” he admitted. He added, “I anticipated that we were going to win, but I didn’t anticipate the margin by which we were going to win. That is an indication that Ghanaians have very high expectations.”
The president-elect reaffirmed his commitment to addressing these challenges and delivering on the expectations of the Ghanaian populace, promising to work tirelessly to meet the demands of his mandate.
