Accra: President John Dramani Mahama has disclosed that Ghana's programme with the International Monetary Fund was on the verge of going off track when his administration assumed office, forcing the government to implement urgent corrective measures to restore stability.
According to Ghana Web, President Mahama's comments follow Ghana's broader economic recovery after the successful completion of the country's US$3 billion Extended Credit Facility programme with the IMF. During a speech at the 'Resetting Ghana' tour in the Savannah Region, President Mahama stated that the programme was in a fragile state and threatened its successful implementation if immediate interventions had not been introduced.
The President explained that his administration inherited the IMF programme from the previous government and found that all the agreed performance indicators were off track. As a result, his administration was compelled to introduce stringent measures within the first quarter of taking office to restore the programme and ensure Ghana remained compliant with IMF requirements.
President Mahama emphasized that although progress had been made, his administration would not celebrate prematurely because the economy still requires significant work. He mentioned that the programme is now going to the board, which will release the last tranche of $380 million to support the Ghanaian economy. However, he stressed that unlike previous administrations, his government would not hold celebrations as they recognize the ongoing need for economic improvement.
Mahama also revealed that subsequent IMF review missions had given Ghana positive assessments, with the programme now awaiting final board approval for the release of the last tranche of $380 million.