President John Dramani Mahama has ruled out any immediate plans to extend Ghana’s $3 billion Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), reaffirming his administration’s commitment to economic reforms within the existing agreement.
Speaking to Bloomberg TV at the Munich Security Conference, President Mahama emphasized that the focus remains on fully implementing the current programme rather than seeking an extension at this stage.
“We’ve not talked about an extension of the programme. We are determined to continue with this programme,” he stated.
He, however, acknowledged that should circumstances change, his administration would assess the need for additional funding or an extension.
The $3 billion IMF-backed programme, which took effect on May 17, 2023, is set to span three years, targeting economic recovery through structural reforms and fiscal discipline.
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As part of the agreement, Ghana is expected to streamline taxation, strengthen debt management, and reinforce fiscal prudence to stabilize its economy.
Mahama highlighted that ongoing discussions with the IMF have focused on ensuring Ghana meets its commitments while maximizing the programme’s benefits.
His government, he assured, remains dedicated to addressing economic challenges through strategic policy measures rather than renegotiating the agreement prematurely.
With Ghana’s economic future at stake, the administration is betting on successful implementation of the ECF programme to restore stability and growth.
