President John Mahama says Ghana will not seek another financial rescue from the International Monetary Fund (IMF) once the current programme ends, declaring that the ongoing arrangement must mark the country’s final bailout.
Speaking at the opening of the University of Ghana’s 77th Annual New Year School and Conference, where he delivered the keynote address, the President acknowledged the progress made under the Extended Credit Facility but framed its conclusion as a decisive moment for the country.
“We will exit the IMF Extended Credit Facility around the middle of this year,” he said. “And it is my sincere hope that this will be the very last time Ghana turns to the IMF for a bailout.”
He stressed the point further, noting that Ghana had gone to the IMF 17 times. “This must be the 17th and the last time,” he emphasised.
President Mahama clarified that future ties with the IMF will focus on technical cooperation rather than financial dependence.
“We will continue to work with the IMF under Article IV consultations and other frameworks,” he said. “But this will definitely be the last time we go on our knees asking for financial rescue.”
To sustain this shift, he outlined a strategy aimed at building a more self-reliant and resilient economy. He argued that lasting economic recovery requires more than austerity, calling for an approach led by production, inclusion, and shared prosperity.
He highlighted key priorities such as strengthening domestic revenue, enforcing fiscal discipline, and restoring confidence in the financial sector measures he believes will protect the nation from future economic shocks and eliminate the need for further bailouts.
