John Mahama, the president-elect of Ghana, has expressed his intention to review the $3 billion IMF loan that was approved for the country. While he emphasized that he does not plan to discard the loan, he highlighted the need for adjustments within the program to better suit the current economic reality.
Mahama’s stance on the IMF agreement contrasts with his previous announcement to renegotiate the terms set by the outgoing President Nana Akufo’s administration. He clarified that renegotiation does not imply abandonment of the program but rather seeks to make necessary modifications to address the country’s financial challenges.
Acknowledging the positive impact of the IMF deal in reducing inflation and stimulating economic growth, Mahama stressed the urgency of further efforts to alleviate Ghana’s financial crisis. He expressed his commitment to improving the lives of Ghanaians and addressing the challenges posed by the existing economic conditions.
In a recent exclusive interview with Reuters, Mahama outlined his plans to address inflation, currency devaluation, and the high cost of living in West Africa. He also highlighted the need to tackle the multiplicity of taxes and wasteful expenditures that have hindered business growth in Ghana.
Despite the economic challenges, Ghana experienced a significant boost in its GDP, recording a growth rate of 7.2% in the past three months compared to the previous year. This positive economic trend was announced by Government Statistician Samuel Kobina during a press event in Accra.
The $3 billion IMF loan, approved in May, provided a lifeline for Ghana during its worst economic crisis in decades. The immediate disbursement of $600 million facilitated by the loan has helped stabilize the country’s economy and set the stage for recovery.
Moving forward, Mahama’s administration aims to work within the framework of the IMF program while making necessary adjustments to address the country’s economic challenges effectively. With a focus on improving the business environment, reducing inflation, and promoting sustainable growth, Ghana looks towards a brighter economic future under Mahama’s leadership.
