Ghana: President-elect Mahama pledges IMF deal review to revive economy
Ghana’s President-elect John Dramani Mahama has affirmed his commitment to the $3 billion International Monetary Fund (IMF) rescue package but plans to review the program to curb wasteful government spending and bolster the energy sector.
Speaking to Reuters news agency, Mahama, who won the December 7 election with 56.55% of the vote, stressed that the review would not abandon the deal but introduce adjustments to address Ghana’s current economic realities.
“We’re bound by it, but within the programme, it should be possible to make some adjustments to suit reality,” he stated.
Mahama inherits a nation grappling with severe economic challenges, including inflation, currency depreciation, and struggles in its critical cocoa and gold industries.
While the IMF package has stabilized inflation and returned Ghana to growth, Mahama believes more effort is needed to alleviate the cost-of-living crisis.
A central focus of his administration will be reducing excessive state spending, including the president’s office budget. “If the president is asking us to tighten our belt, he must also tighten his,” Mahama remarked, criticizing the “multiplicity of taxes” that have hindered business operations.
Mahama also highlighted the urgent need for sustainable energy sector reforms to prevent recurring power outages. The Electricity Company of Ghana, he noted, is the weakest link in the energy chain and requires immediate attention.
The IMF has agreed to an early review mission, and Mahama hopes to smoothen debt restructuring efforts while ensuring long-term solutions to Ghana’s economic and energy challenges. “I’ll put my soul and physique into making lives better for Ghanaians,” he vowed.
