By Charles S. Amponsah
Ghana is working to reduce its dependency on external financial assistance, with the government focused on restoring economic stability and public confidence after years of slow growth, high inflation, and debt pressures.
The country has been under an IMF-supported programme since 2023, introduced to stabilise the economy after high inflation, currency depreciation, and weakened fiscal buffers.
In his New Year message, President John Dramani Mahama said the government is moving toward exiting the IMF programme while safeguarding Ghana’s economic credibility. He said reforms over the past year have strengthened macroeconomic indicators enough to support a gradual withdrawal.
“We are beginning the process of exiting the IMF programme with dignity, not as supplicants, but as partners.”
Ghana entered the most recent IMF programme during a period of escalating debt and inflation that weakened investor confidence. The programme restored some stability but also increased public debate over economic sovereignty and the long-term impact of external conditionalities. Government briefing documents explain that Ghana sought IMF support for three main reasons.
President Mahama said the country is regaining credibility with international partners and has completed renegotiation of debt obligations “on terms that protect our sovereignty while ensuring sustainability”.
He added that inflation had fallen from “23% and above by the end of 2024,” the cedi had seen “relative currency stability,” and business confidence was recovering. The administration argues that these improvements create the foundation for a dignified exit from the IMF.
