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President Mahama vows fiscal discipline as Ghana nears IMF exit

President Mahama said his administration will ensure that any future borrowing is tied to self-financing, commercially viable projects executed through municipal assemblies, ministries, state-owned enterprises (SOEs), and relevant government agencies

President John Dramani Mahama has reaffirmed his administration’s commitment to fiscal discipline and responsible borrowing as the country edges closer to the completion of its IMF-supported programme.

His remarks come at a time when Ghana is nearing the end of its engagement with the IMF, prompting keen interest in how the government plans to sustain the recovery and implement long-overdue economic reforms.

Speaking at the 9th Ghana CEO Summit on Monday (26 May 2025), under the theme “Transforming Business and Governance for a Sustainable Futuristic Economy,” the President emphasised that future borrowing would be tied to self-financing, commercially viable projects executed through state-owned enterprises and key agencies.

President Mahama said his administration will ensure that any future borrowing is tied to self-financing, commercially viable projects executed through municipal assemblies, ministries, state-owned enterprises (SOEs), and relevant government agencies.

“We will continue the discipline in government expenditure and borrowing, and work to achieve all targets under the Extended Credit Facility programme with the IMF. We expect to conclude the fourth review of the IMF programme in June 2025, with a target to exit the programme by the end of 2026.

“Thereafter, Ghana will adopt the IMF’s Policy Support Instrument framework, signalling our return to responsible, non-borrowing engagement with the Fund.

“However future borrowing will be linked to self-financing formation in viable projects particularly by MBAs, MMPAs and SOEs ensuring value for money and sustainable repayment. The third is strengthening sovereign funds and local government financing,” he said.

He also outlined eight key pillars of his administration’s reset agenda. These include completing the IMF programme with fiscal discipline; reopening access to domestic and international capital markets; strengthening sovereign funds and local government financing; and clearing verified arrears while rationalising public investment.

The eight pillars

President Mahama’s “reset agenda” is anchored on eight strategic pillars:

  1. Completing the IMF programme with discipline
  2. Reopening domestic and international capital markets – with borrowing tied to self-financing and viable projects
  3. Strengthening sovereign funds and local government financing – including amendments to make contributions to the Sinking and Stabilisation Funds mandatory
  4. Clearing verified arrears and rationalising public investment – based on a soon-to-be-completed audit by the Auditor General
  5. Accelerating public financial management reforms – including reactivation of the Treasury Single Account and real-time budget monitoring
  6. Revitalising exports through the Ghana Exim Bank – to support agro-processing, SMEs and light manufacturing
  7. Positioning Ghana as a regional trade and investment hub – especially in line with the African Continental Free Trade Area (AfCFTA)
  8. Resuming infrastructure development through innovative financing – such as PPPs, the Big Push initiative and strategic partnerships

He stressed that the private sector must remain central to the country’s recovery efforts and that government policy will be designed to support long-term planning, investment and job creation.

“We are restoring macroeconomic stability not as an end in itself, but as a platform for private investment. Access to capital will not be crowded out by government borrowing,” he said.

He also announced plans to institutionalise a National Business Consultative Platform that will bring together government and private sector players twice a year for policy feedback, reform monitoring and joint priority-setting.

“Together, we can lead Ghana’s economic reset and lay the foundation for a more inclusive, resilient and prosperous future,” he added.

Report by Gloria Saah for Asaase News in Greater Accra

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