By President John Dramani Mahama has made it clear that his administration has no immediate plans to extend Ghana’s current $3 billion Extended Credit Facility (ECF) with the International Monetary Fund (IMF). Instead, the focus is on completing the existing program, which spans three years and aims to support Ghana’s economic stability and growth.
Mahama emphasized that while future extensions remain an option, the government is committed to adhering to the existing program. The key areas of focus include:
- Tax Rationalization: Streamlining Ghana’s tax system to improve efficiency and compliance, with the IMF providing technical assistance.
- Debt Management: Proactively managing Ghana’s $15 billion domestic debt obligations in 2025, including reactivating the country’s sinking fund to support repayments.
- Fiscal Prudence: Ensuring expenditure rationalization and promoting sustainable revenue growth.
The government is also working on presenting a budget in March, which will incorporate insights from the IMF’s latest staff review. Mahama described Ghana’s relationship with the IMF as “cordial” and reiterated his administration’s commitment to ensuring the successful implementation of the ECF program.
