The International Monetary Fund (IMF) has remained non-committal on whether it would agree to review its current programme with Ghana under the incoming administration of President-elect John Mahama. During a press briefing on Thursday, December 19, Ms. Julie Kozack, Director of the Communications Department addressed the possibility of a review in response to a direct question. While she confirmed that the Fund conducts regular reviews to assess programme progress, she stopped short of confirming whether specific changes would be made under Mahama’s government.
Ms. Kozack stated, “We do have regular reviews under the program to assess progress and ensure that the program is aligned with its intended goals,” and added that IMF programmes are always developed “in collaboration with the authorities in the country.” This suggests that a review could be possible if there is sufficient justification, though the IMF has not made any explicit commitments.
John Mahama, who will assume office after his recent electoral victory, has previously expressed intentions to seek a review of the IMF programme to better align it with his administration’s priorities. Many economic analysts have supported Mr. Mahama’s call, emphasizing the need to tailor the programme to the new government’s economic goals.
Despite this, the IMF spokesperson reiterated that the primary goals of the programme—to restore macroeconomic stability, ensure debt sustainability, and foster inclusive growth—remain unchanged. Any potential review would still aim to achieve these objectives.
Earlier this month, on December 2, the IMF’s Executive Board completed the third review of Ghana’s programme, unlocking $360 million in additional funds, bringing the total disbursement under the programme to $1.9 billion. According to the IMF, Ghana has made significant progress on debt restructuring, with economic growth recovering, inflation declining (albeit slower than expected), and improvements in both fiscal and external positions.
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As the incoming administration gears up to take office, all eyes are on the IMF and whether adjustments to the programme will be on the horizon.
