President John Dramani Mahama has reaffirmed that his administration has no immediate plans to extend Ghana’s ongoing $3 billion Extended Credit Facility (ECF) agreement with the International Monetary Fund (IMF).
Speaking in an interview with Bloomberg TV at the Munich Security Conference, President Mahama emphasized his government’s commitment to implementing the current programme without 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. “If it’s necessary to look at additional funds or to extend the programme, we’ll look at it, but for now, we are determined to continue on this trajectory.”
The President also provided insights into recent discussions between his administration and the IMF, highlighting key proposals aimed at ensuring economic stability. He assured that his government remains committed to addressing Ghana’s economic challenges while working within the framework of the existing ECF arrangement.
Ghana’s $3 billion ECF programme, approved on May 17, 2023, spans three years and is designed to support the country’s economic recovery and growth. As part of the agreement, Ghana is required to implement structural reforms and maintain fiscal discipline to restore economic stability.
During engagements with the IMF, the government prioritized key areas such as tax rationalization, debt management, and fiscal prudence. President Mahama stressed that these measures are crucial for sustaining Ghana’s economic progress and ensuring that the country derives maximum benefits from the ongoing programme.
Credit: Norvan Reports