Mahama to Revisit IMF, World Bank Deals to Stabilize Ghana’s Economy
President-elect pledges to realign Ghana’s development agreements to address debt concerns and rebuild the economy
- Mahama plans to revise agreements with the IMF and World Bank
- Mahama aims to rebuild the economy by addressing food security
- Mahama aims to realign ongoing programs with the priorities of his incoming government
President-elect John Dramani Mahama has announced plans to renegotiate Ghana’s existing agreements with the International Monetary Fund (IMF) and the World Bank to better align with the nation’s evolving needs and aspirations.
During a meeting with UN Resident Coordinator Charles Abani, Mr. Mahama highlighted the importance of forging partnerships that reflect his government’s vision and Ghana’s current realities.
“This adjustment is crucial to position the new administration to rebuild the economy and the nation,” he stated.
A Transition Anchored in Law
The transition process, guided by the Presidential (Transition) Act, 2012 (Act 845), ensures a smooth handover between administrations, enabling the swift formation of a Transition Team and fostering collaboration with key stakeholders.
Debt Management and Economic Priorities
Mr. Mahama emphasized the need to realign existing IMF and World Bank programmes, particularly concerning debt repayments. “We must ensure we don’t default again—it would be catastrophic,” he noted, committing to stabilizing the economy while managing Ghana’s $3 billion IMF Extended Credit Facility and other agreements.
Global Partnerships for Recovery
The President-elect underscored the critical role of international cooperation, praising the UN for its support and pledging to collaborate with agencies like UNICEF and UNHCR to address food security and uplift Ghanaians from economic hardship.
A Strong Mandate for Change
The 2024 elections handed Mr. Mahama a decisive victory, with 6,328,397 votes (56.55%), reflecting high public expectations. He vowed to meet these demands with determination, acknowledging the tough road ahead but reaffirming his readiness to deliver.
