IMF Deal: Mahama Rules Out Extension Of Ongoing $3 Billion Bailout
- President John Mahama has said there are no plans to extend Ghana’s current IMF deal
- Mahama assured that his administration is committed to adhering to the existing bailout programme
- An IMF staff team led by Stéphane Roudet visited Ghana from February 10 to February 14
President John Mahama has said there are no plans to extend Ghana’s current $3 billion Extended Credit Facility (ECF) with the International Monetary Fund (IMF).
Mahama affirmed recently that his administration is committed to adhering to the existing programme.
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Speaking to Bloomberg, he, however, noted that future extensions remain an option.
“If it’s necessary to look at additional funds or to extend the program, we’ll look at it, but for now we are determined to continue on this trajectory.”
During their recent discussions, Mahama also outlined key proposals his administration presented to the IMF following a recent visit from the mission's staff.
An IMF staff team led by Stéphane Roudet visited Ghana from February 10 to February 14 as part of regular engagement with the Ghanaian authorities and other stakeholders.
At the conclusion of the visit, Roudet said the mission team engaged the Ghanaian authorities on recent macroeconomic developments.
It also started discussions on the policies that will underpin the 2025 budget.
The $3 billion IMF deal Ghana is under was approved on May 17, 2023.
Ghana sought a $3 billion bailout from the Washington-based lender in 2022 because it defaulted on its debt. The deal spans three years and supports Ghana’s economic stability and growth.
The recent discussions with the IMF focused on tax rationalisation, debt management, and fiscal prudence.
Despite economic challenges, Mahama expressed confidence in Ghana’s relationship with the IMF, describing it as cordial.
The president reiterated his administration’s commitment to maintaining this partnership, ensuring the successful implementation of the programme, and steering the country towards economic stability and growth.
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Finance Minister Cassiel Ato Forson earlier said the Mahama administration is hoping to secure more support from the IMF.
When campaigning to be president, Mahama notably said he planned to renegotiate Ghana’s agreement with the IMF if he became president.
Mahama sets up team to plan National Economic Dialogue
YEN.com.gh reported that Mahama constituted a seven-member committee to plan a National Economic Dialogue.
The president promised to convene a National Economic Dialogue within the first 120 days of his presidency.
The forum is expected to allow for dialogue and consultation on the country's pressing development challenges.
The committee is being chaired by Dr. Ishmael Yamson, an economist.
Proofread by Samuel Gitonga, Copy Editor at YEN.com.gh
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Source: YEN.com.gh
