We won’t jettison IMF programme – Mahama
Ghana’s President-elect, John Dramani Mahama, has reaffirmed his administration’s commitment to continuing the International Monetary Fund (IMF) programme that the country is currently pursuing. Speaking in an interview with VOA’s Paul Ndiho on December 14, Mahama emphasized that the IMF-backed economic reforms, initiated under President Akufo-Addo’s administration, remain crucial to stabilizing Ghana’s economy.
Key Highlights:
- Continuing the IMF Programme:
Mahama clarified that his administration has no plans to abandon the $3 billion IMF agreement but aims to collaborate with the IMF to explore adjustments that align with Ghana’s development needs. “We’ve requested some discussion with the IMF…within the programme, I am sure that there can be some leverage for tweaking it,” he said. - Economic Prioritization:
Mahama stressed that economic stabilization will be the cornerstone of his presidency, noting its ripple effects on all sectors. He cited challenges like macroeconomic instability and debt sustainability as dual issues that need urgent attention. - IMF Programme Goals:
The IMF programme includes measures to reduce public debt, control inflation, and enhance fiscal transparency. However, Mahama acknowledged concerns about the social impact of these measures, especially on vulnerable populations. - Development Goals Amidst Challenges:
While emphasizing the importance of adhering to the IMF’s reforms, Mahama expressed optimism about negotiating “tweaks” to make the programme more supportive of Ghana’s unique development objectives.
The Broader Context:
Ghana entered the $3 billion IMF programme to address its economic challenges, including rising public debt, inflation, and currency depreciation. Although the programme has provided some stability, there are growing concerns about its impact on social services and the livelihoods of marginalized groups. As Mahama prepares to take office, his administration faces the delicate task of balancing reform implementation with protecting the welfare of vulnerable citizens.
Observers will closely monitor Mahama’s engagements with the IMF as he seeks to align the programme with his economic agenda.
