John Dramani Mahama

In a decisive move to maintain economic stability, President John Dramani Mahama has ruled out any immediate extension of Ghana’s $3 billion Extended Credit Facility (ECF) with the International Monetary Fund (IMF).

Speaking at the Munich Security Conference in an interview with Bloomberg TV, the President reaffirmed his administration’s commitment to implementing the current programme as planned.

“We’ve not talked about an extension of the programme. We are determined to continue with this programme,” President Mahama stated. “If it’s necessary to look at additional funds or to extend the programme, we’ll look at it, but for now, we are determined to continue on this trajectory.”

His remarks underscore the government‘s focus on economic recovery without seeking additional support in the interim.

During discussions with the IMF, the government emphasized tax rationalisation, debt management, and fiscal prudence as key priorities to sustain economic progress. President Mahama reiterated that these measures are essential for Ghana’s long-term economic stability, ensuring the nation reaps the full benefits of the ongoing programme.

Ghana’s $3 billion ECF programme, which began on May 17, 2023 under the previous Nana Akufo-Addo administration is designed to support economic recovery and growth over three years.