In a significant address during the 77th Annual New Year School and Conference at the University of Ghana on January 6, 2025, President John Dramani Mahama expressed a strong desire for Ghana’s current engagement with the International Monetary Fund (IMF) to be its last. As the nation prepares to exit the Extended Credit Facility by mid-2025, Mahama articulated the urgency for Ghana to break free from the cycle of seeking financial assistance from the IMF.
“This must be the final time we turn to that international monetary institution for support,” Mahama stated emphatically, referring to the ongoing arrangement as the 17th bailout in the country’s history. Ghana entered into a $3 billion Extended Credit Facility in May 2023 following a severe economic downturn in 2022, and the President is now advocating for a shift towards self-sufficiency.
While acknowledging the role of the IMF in the past, Mahama clarified that future interactions would be limited to consultations under Article 4 and other available frameworks, without the need for a bailout. He remarked, “We will definitely not be on our knees seeking assistance again,” emphasizing a commitment to sustaining economic stability.
Highlighting improvements since the inception of the current program, Mahama shared optimistic statistics indicating a drop in inflation from 23.8% at the end of 2024 to just over 5% by the conclusion of 2025. Additionally, public debt has seen a reduction from 66% of GDP to 45%, and foreign reserves have risen significantly from $8.9 billion to $13.8 billion.
Mahama praised the performance of the Ghanaian cedi, labeling it as the top-performing currency globally in 2025. The IMF’s latest review of Ghana’s program, completed in December 2024, highlighted the nation’s satisfactory performance and the positive outcomes of implemented reforms, including economic recovery and improved fiscal and external balances.
Despite the upcoming 2028 elections, Mahama assured citizens that his administration would uphold fiscal discipline and effective economic management. “We will not compromise our current fiscal strategies, even as we approach the election year,” he asserted.
During the conference themed “Building the Ghana We Want Together for Sustainable Development,” Mahama outlined five key areas for his government’s developmental framework: economic resilience, human capital development, good governance, environmental stewardship, and national inclusion. In addressing environmental concerns, he commended the Minister of Lands and Natural Resources for strides made against illegal mining, citing notable improvements in water quality, particularly in the Ayensu River.
The event gathered a diverse audience, including academics, policymakers, and civil society representatives, all focused on discussing the future trajectory of Ghana’s development.
