Mahama To Depend On IMF

John Mahama

 

In a move that may come as a surprise to some, President-elect John Dramani Mahama has announced that his administration will not abandon the International Monetary Fund (IMF) programme initiated by the outgoing government.

Instead, John Mahama’s government plans to tweak parts of the programme to better align with Ghana’s development needs.

This decision is a significant departure from the NDC’s previous stance on the IMF programme.

During the election campaign, the NDC had criticized the programme, arguing that it was imposed on Ghana without adequate consultation and that it would lead to harsh austerity measures.

However, it appears that John Mahama’s government has taken a more pragmatic approach, recognizing the importance of maintaining the IMF-backed economic reforms.

Ghana’s economic woes are well-documented.

The country has struggled with high inflation, a large budget deficit, and a crippling debt burden.

The IMF programme, which was agreed upon in 2022, aims to address these issues through a series of reforms, including reducing the public debt, controlling inflation, and improving fiscal transparency.

However, the programme has been criticized for its harsh conditions, which some argue have exacerbated Ghana’s economic woes.

The programme has also been criticized for its lack of transparency and accountability, with some arguing that the IMF has imposed its will on Ghana without adequate consultation.

Despite these criticisms, John Mahama’s government appears to have taken a more conciliatory approach.

In an interview with VOA, John Mahama emphasized the importance of maintaining the IMF-backed economic reforms, while also acknowledging the need for adjustments to be made.

“We’ve requested further discussions with the IMF, as we were not part of the negotiations for this programme. We need to ensure that we are all aligned in terms of its implementation,” he explained.

John Mahama’s decision to depend on the IMF programme is likely to be met with skepticism from some quarters.

-BY Daniel Bampoe

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