President John Dramani Mahama has described Ghana as a global example of economic recovery, citing the country’s recent macroeconomic gains and successful efforts to restore stability after significant challenges under the International Monetary Fund’s Extended Credit Facility programme.
Addressing a Diaspora Townhall Meeting with the Ghanaian community in London as part of his official visit to the United Kingdom, the President said Ghana’s economic progress has attracted international attention and earned recognition from major global financial institutions.
According to him, the country has emerged from a difficult economic period through a combination of decisive policy measures and disciplined fiscal management, resulting in improved confidence in the economy and stronger macroeconomic indicators.
“You’ve heard quite a bit about the economy. We have just emerged from the Extended Credit Facility which is an IMF programme and the Minister of Finance has briefed you on the situation that we met.”
President John Dramani Mahama
Challenges Inherited Under IMF Programme
The President explained that although the previous administration had entered into the IMF programme before his government assumed office, the implementation process encountered significant setbacks before the change in government.
He stated that after the fourth review of the programme, key performance indicators had fallen substantially off track, creating challenges for the country’s engagement with the IMF.
“Actually, the government had entered into the IMF programme before we took over the reins of government, but unfortunately, after the fourth review, all the performance criteria from June the year before in 2024 had gone completely off track”.
President John Dramani Mahama
President Mahama noted that by the time his administration took office, preparations were underway for another IMF review scheduled for April, leaving little room for delay in addressing the economic challenges.
According to him, government engaged with a technical team from the IMF and quickly realised that urgent measures would be required to restore compliance with agreed targets.
“So when we took office, the next review was going to take place in April. Happily they sent a small technical team, we sat together, everything that the government had agreed with them was off track and so it meant that between then and when the fund arrived for the main review, we had to take very, very strong decisions.”.
President John Dramani Mahama
Difficult Decisions Yield Results
President Mahama acknowledged that some of the measures implemented by his administration were difficult and required sacrifices from citizens and government alike.
However, he argued that the decisions were necessary to place the economy back on a sustainable path and restore confidence among international partners and investors.
“That is why the Minister of Finance told you that we had to take quite stringent, bitter decisions but that is what life is about. When you are ill, sometimes you have to take bitter medicine before you get better”.
President John Dramani Mahama
The President indicated that the reforms have produced positive outcomes, with key economic indicators showing signs of improvement. He noted that inflation, fiscal management, and broader macroeconomic conditions have moved in a positive direction, helping to strengthen the country’s economic outlook.
“The macro economy is stable and all the macro indicators are looking very much in the right direction,” he stated.
Growing International Recognition
President Mahama said Ghana’s recent economic performance has surprised many international observers and attracted praise from development partners and financial institutions.
According to him, the country’s recovery story is increasingly being referenced as a model for other African countries seeking to overcome economic difficulties and restore growth. “Indeed, a lot of people are surprised at how it was achieved, and Ghana has become the poster boy for economic recovery across the world,” he said.
The President further disclosed that Ghana’s experience is frequently highlighted during international meetings involving the World Bank and the International Monetary Fund.
“Anytime they go for the spring meetings of the World Bank and the IMF, everybody is pointing to the other African countries, to Ghana, and say, go to Ghana and learn how they did it”.
President John Dramani Mahama
His remarks suggest growing confidence in Ghana’s ability to maintain fiscal discipline and sustain the gains achieved through recent economic reforms.
Pride in National Progress
Beyond the economic statistics, President Mahama urged Ghanaians at home and abroad to take pride in the country’s progress and remain optimistic about the future.
He stressed that the recent recovery should serve as motivation for citizens to contribute to national development and support efforts aimed at building a stronger economy.
According to him, Ghana’s current trajectory reflects the aspirations of previous generations who envisioned a prosperous and resilient nation capable of overcoming adversity.
“And so there is a time when we must be proud to be Ghanaian, not only because our economy is doing well but we can see that we are making progress towards the country that our forebears dreamed us to become”.
President John Dramani Mahama
The President’s comments come at a time when government is seeking to consolidate economic gains, attract investment, create jobs, and strengthen public confidence in the country’s development agenda.
For many members of the Ghanaian diaspora who attended the London meeting, the message was one of optimism and reassurance that Ghana is steadily rebuilding its economic foundations and positioning itself for sustained growth in the years ahead.
READ ALSO: Audit Report Must Be Contested Through Legal Channels — Sports Minister
