President John Dramani Mahama has stated that Ghana’s current Extended Credit Facility program with the International Monetary Fund will be the last time the country seeks a bailout from the institution.
Speaking at the 77th Annual New Year’s School and Conference at the University of Ghana on Monday, the President said Ghana will emerge from the program by mid-2026 and must never return for another bailout.
“It is my hope that this will be the very last time we will ever go for a bailout from that international monetary institution. It must be the 17th and the last time that Ghana goes for a bailout from the IMF,” the President stated.
He emphasized that while collaboration with the IMF will continue under Article 4 and other instruments, the country will not seek another rescue package.
“We’ll continue our collaboration with the IMF under Article 4 and other instruments that the IMF has. But it will definitely be the last time we go on our knees to beg for a bailout,” Mahama declared.
The President referred to the Extended Credit Facility program as “very successful,” noting positive economic indicators under the arrangement.
He disclosed that debt has fallen from above 66 percent of GDP at the end of 2024 to 45 percent at the end of 2025, while foreign reserves rose from $8.9 billion to $13.8 billion over the same period.
“The IMF program, the extended credit facility program with the IMF, has been very successful. We’ll emerge from the extended credit facility with the IMF towards the middle of this year,” the President said.
Mahama assured Ghanaians that government will maintain fiscal discipline even during the 2028 election year.
“I can assure Ghanaians also that we will not relax the current fiscal discipline and efficient management of the economy even in the election year of 2028,” he stated.
The President said his administration is strengthening domestic revenue mobilization, restoring fiscal discipline, rebuilding confidence in the financial sector, and supporting indigenous enterprises to grow.
“Economic resilience is not achieved through austerity alone, but through production, inclusion and shared prosperity,” Mahama explained.
He pledged to raise Ghana’s economy and governance to a level that no succeeding government can reverse.
“I have pledged to raise our economy and governance to a level that no succeeding government can reverse. We must demonstrate that democracy works, and that our people can have faith in their leaders to uphold their interests and create opportunities for national prosperity,” the President said.
Ghana has sought IMF assistance multiple times since independence, with the current program marking what Mahama described as the 17th bailout.