President John Mahama says Ghana’s current programme with the International Monetary Fund will be the last time the country turns to the lender for a financial bailout, as he pledges to build a stronger, more self-reliant economy.
Speaking at the opening of the University of Ghana’s 77th Annual New Year School and Conference, the President described the ongoing IMF Extended Credit Facility as successful, but made it clear that its conclusion should mark a turning point for the country.
“We expect to exit the Extended Credit Facility around the middle of this year,” he said. “And I hope that this will be the very last time Ghana ever has to seek a bailout from the IMF.”
He drove the point home with a firm reminder of Ghana’s history with the Fund. “This must be the 17th and the final time we go to the IMF for a bailout,” he added.
President Mahama explained that while Ghana would continue working with the IMF in future, that relationship would no longer be about emergency funding. Instead, he said, it would focus on technical cooperation under Article IV and other advisory frameworks.
“We will still collaborate with the IMF,” he noted, “but it will be the last time we go on our knees to ask for a bailout.”
Looking ahead, the President outlined a broader strategy to break the cycle of financial dependence. He argued that lasting economic strength cannot come from austerity alone, but must be driven by increased production, inclusive growth and shared prosperity.
He pointed to stronger domestic revenue mobilisation, restored fiscal discipline and renewed confidence in the financial sector as central pillars of the plan to build an economy resilient enough to stand on its own.