Ghana Must Not Relapse After IMF Exit — GNCCI CEO Warns

The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, has cautioned Ghana against sliding back into old fiscal habits after exiting the International Monetary Fund (IMF) programme later this year, warning that failure to manage the economy independently could turn the country into a permanent client of the Fund.

Speaking on Joy News’ PM Express Business Edition, Mr Badu-Aboagye said Ghana’s long history with IMF programmes reflects not a failure of the Fund, but a failure of national discipline and institutional continuity.

“If we continuously do what we are doing, then that means that we should be under the IMF for life,” he said.

IMF Exit Will Test Ghana’s Economic Credibility

According to the GNCCI CEO, Ghana’s true test begins after the IMF programme ends. He argued that the credibility of the country’s economic management will depend on whether policymakers can maintain fiscal discipline, macroeconomic stability and reform momentum without external supervision.

“If after the exit of the IMF, we cannot manage our economy, then the IMF should bring their head office here and control us,” he stated bluntly.

Ghana is targeting an exit from its current IMF-supported programme this year, following a period marked by fiscal stress, rising debt, currency depreciation and inflationary pressures. While recent indicators suggest improving stability, Mr Badu-Aboagye warned that progress will mean little if reforms are abandoned once IMF oversight ends.

Reforms Must Become Permanent, Not Temporary

For the GNCCI CEO, the core problem has never been the IMF itself, but Ghana’s tendency to treat IMF-backed reforms as emergency measures rather than permanent national policy frameworks.

“This is because all the things that they have asked us to do, that we have done, I think we should continue,” he said.

He stressed that the repeated cycle of entering and exiting IMF programmes shows that Ghana often reforms under pressure, only to reverse course when conditions improve.

“There shouldn’t be any reason why we should deviate from these important fundamental changes that the IMF have brought to us; that is why we keep going there,” he added.

A Record That Should Force Reflection

Mr Badu-Aboagye pointed to Ghana’s long history with the IMF as evidence of a deeper governance challenge.

“I mean 17 times,” he said, referring to the number of IMF programmes Ghana has undertaken over the decades.

In his view, such a record should compel policymakers to strengthen institutions, enforce budget discipline, and prioritise long-term economic planning over short-term political considerations.

Reframing the IMF Narrative

The GNCCI CEO also challenged the public narrative that often casts the IMF as a hostile external force imposed on Ghana.

“And anytime you go there, it’s as if the IMF is a devil, that when they come, we don’t want to go there,” he said.

He argued that Ghana cannot continue to demonise the IMF while repeatedly returning for support, noting that responsibility ultimately lies with domestic policymakers.

“You cannot keep blaming the IMF while you keep going there,” he implied, calling for greater national ownership of reforms.

Business Community Calls for Discipline and Continuity

Mr Badu-Aboagye’s remarks echo growing concerns within Ghana’s business community that economic recovery must be consolidated through consistent policy, predictable governance and strong institutions—especially in the post-IMF period.

According to him, exiting the IMF programme should not be treated as a political milestone, but as a turning point that demands deeper discipline, credible fiscal management and unwavering commitment to the reforms already implemented.

The message from the private sector, he suggested, is clear: Ghana’s future stability will not be secured by IMF programmes alone, but by the country’s ability to finally break the cycle of reform, relapse and return.