President Mahama Reaffirms Commitment to Fiscal Discipline as Ghana Nears IMF Exit
President John Dramani Mahama has reaffirmed his administration’s commitment to maintaining fiscal discipline as Ghana targets an exit from the current International Monetary Fund (IMF) programme by 2026.
Speaking at the 9th Ghana CEO Summit held in Accra on Monday, May 26, under the theme, “Leading Ghana’s Economic Reset: Transforming Business and Governance for a Sustainable Futuristic Economy,” the President stressed the need for prudent government spending and responsible borrowing to sustain economic gains under the Fund programme.
“Completing the IMF programme with discipline, we will continue the discipline in government expenditure and borrowing and work to achieve all targets under the extended credit facility programme with the IMF,” President Mahama stated.
He indicated that his administration aims to complete the fourth review of the IMF programme by June 2025—a critical benchmark for the successful implementation of the economic recovery plan.
“Afterwards, we will participate in Article IV consultations and adopt the Policy Support Instrument framework, signalling Ghana’s return to responsible, non-borrowing engagement with the Fund,” he added.
President Mahama’s remarks come at a time when Ghana is in the advanced stages of the $3 billion Extended Credit Facility (ECF) arrangement with the IMF, with analysts and stakeholders closely monitoring government efforts to stabilise the macroeconomic environment and restore investor confidence.
Ghana entered the IMF programme in May 2023 following a deepening economic crisis marked by high inflation, unsustainable debt levels, and a depreciating currency.
The programme aims to restore macroeconomic stability, support fiscal consolidation, and create a foundation for inclusive growth.
