President John Dramani Mahama has declared that Ghana must never again depend on the International Monetary Fund (IMF) for economic bailouts, stressing the need for stronger fiscal discipline and long-term economic planning.
Speaking during the Resetting Ghana Tour in the Savannah Region, President Mahama said his administration remains committed to building an economy capable of withstanding global shocks without external rescue packages.
“This is my hope that this is the last time Ghana will go to the IMF for a bailout. We must be able to manage our affairs in such a way that we don’t go cap in hand begging anybody to come and bail us out.”
President John Dramani Mahama
The President said Ghana’s recent economic performance demonstrates that the country is gradually regaining stability after years of severe financial challenges.
Government Inherited IMF Programme in Difficulty
President Mahama revealed that his administration inherited an IMF programme that was already in danger of collapse because key performance indicators had gone off track under the previous government.
According to him, his administration had to implement difficult but necessary economic measures shortly after assuming office to restore confidence and realign the programme with IMF targets.
“At the time we took over from the previous government, all the agreed performance indicators were out of track. It meant that the programme was in danger of derailment.”
President John Dramani Mahama
He said the government’s efforts have since received positive feedback from IMF review missions. “The first mission approved the programme. The second mission approved it. And the final mission just left Ghana last week and they have given us a satisfying mark for performance,” he added.
President Mahama disclosed that Ghana is expecting the release of the final tranche of 380 million dollars from the IMF once the board gives its final approval.
No ‘Kenkey Party’ After IMF Exit
Despite nearing the completion of the IMF programme, the President said his administration would not celebrate excessively because Ghana’s economic recovery remains a work in progress.
“We’re not going to have a kenkey party because we believe that it is still a work in progress,” President Mahama said. He contrasted his administration’s approach with previous governments that publicly celebrated exiting IMF support programmes.
According to him, government has instead agreed with the IMF to transition from the current Extended Credit Facility to a Policy Coordination Instrument, which will allow Ghana to continue receiving technical guidance and periodic policy assessments without direct financial support.
Under the arrangement, Ghana and the IMF will continue meeting every six months to review the country’s reform agenda and economic discipline. President Mahama said the decision was necessary to ensure consistency in economic management and prevent future setbacks.
Inflation Drops as Economy Stabilises
The President pointed to improving macroeconomic indicators as evidence that Ghana’s economy is becoming more resilient. He said inflation had dropped significantly to 3.2 percent before increasing slightly to 3.4 percent due to external pressures.
According to him, the small rise in inflation despite international economic shocks shows that Ghana’s economy is stronger than before.
“In the past, as soon as there was any external shock, inflation started shooting up and the currency depreciated very fast. But things look more stable.”
President John Dramani Mahama
President Mahama also noted that interest rates are declining while the Ghana cedi has remained relatively stable. He added that the government’s economic policies are beginning to restore investor confidence and improve overall financial stability.
Foreign Reserves Rise to $13.9 Billion
Another major highlight of the President’s address was Ghana’s growing foreign reserve position. President Mahama disclosed that Ghana currently holds foreign reserves worth 13.9 billion dollars, enough to cover approximately 5.7 months of imports.
He said government intends to increase the reserves further to cover up to 15 months of imports in the future. According to him, stronger reserves would provide protection against external economic shocks and reduce Ghana’s vulnerability during global crises.
“We have come up with a new policy to build the reserves even higher. So that in the event of any external shock, Ghana’s economy will be resilient and will not be affected.”
President John Dramani Mahama
The President stressed that maintaining strong reserves is essential for long-term economic independence and currency stability.
Ghana’s Economy Expands Rapidly
President Mahama also highlighted what he described as rapid growth in the size of Ghana’s economy since his administration took office.
He said Ghana’s Gross Domestic Product (GDP) has increased from about 80 billion dollars to approximately 114 billion dollars within a little over a year. According to him, the growth has pushed Ghana from the 11th largest economy in Africa to the 8th largest.
“Today, as I speak with you, Ghana has moved from number 11 biggest economy in Africa to the 8th biggest economy in Africa,” President Mahama. The President attributed the expansion to improvements across multiple sectors of the economy.
Non-Traditional Exports Show Strong Growth
President Mahama further pointed to strong growth in non-traditional exports as another sign of economic progress. He explained that the value of non-traditional exports increased from 3.83 billion dollars to more than 5 billion dollars within a year.
According to him, the growth reflects increasing productivity and diversification within the economy. “And so it shows that the economy is expanding quite well,” he stated.
The President said the growth in exports would create opportunities for job creation, infrastructure development and investment in social services.
Focus on Jobs, Infrastructure and Agriculture
President Mahama said the government intends to use the gains from economic growth to improve the living conditions of Ghanaians.
He noted that increased revenue and economic expansion would support investments in education, roads, agriculture, and employment opportunities. “This gives us the opportunity to invest more in our people, create jobs, provide schools, invest in agriculture and roads,” President Mahama assured.
The President assured residents of the Savannah Region that government remains committed to ensuring that every part of the country benefits from ongoing economic reforms and development programmes.
Call for Continued Discipline
While expressing optimism about Ghana’s economic recovery, Mahama cautioned that sustaining the gains would require discipline, accountability and prudent economic management.
He maintained that the government’s focus is not only on achieving short-term stability but also on building a resilient economy that can withstand future global challenges.
For many Ghanaians, President Mahama’s comments signal an attempt to position his administration as one focused on economic self-reliance, reform and sustainable growth as Ghana prepares for life after the IMF programme.
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