London: President John Dramani Mahama has addressed Ghanaians living in the United Kingdom during a Town Hall Engagement in London, announcing the successful completion of Ghana's participation in the International Monetary Fund's (IMF) extended credit facility and affirming that the nation is now functioning effectively again.
According to Ghana News Agency, the IMF's extended credit facility was intended to restore macroeconomic stability and achieve debt sustainability following a severe economic crisis under the previous government. The engagement was part of President Mahama's five-day official visit to the UK, where he highlighted that Ghana's macroeconomy was stable, with key macroeconomic indicators showing positive trends.
President Mahama explained that the previous government had initiated the IMF program before his administration assumed office. However, the program had gone off track after the fourth review, with performance criteria from June of the prior year in 2024 not being met. He described how, upon taking office, his administration faced an imminent review in April and had to work closely with a technical team from the IMF to address the deviations from agreed terms.
He emphasized that his administration had to make stringent decisions to address the economic challenges, comparing the process to taking strong medicine to recover from an illness. President Mahama expressed satisfaction that the sacrifices made by Ghanaians had yielded positive results, with Ghana now serving as a model for economic recovery on the global stage.
President Mahama noted the surprise expressed by many at Ghana's economic turnaround, with the country becoming an exemplar for other African nations. He mentioned that during World Bank and IMF spring meetings, Ghana was frequently cited as an example for other countries to follow in achieving economic recovery.