President John Dramani Mahama declared on Saturday, May 23, in the Savannah Region that his administration will not engage in celebratory events upon the conclusion of Ghana’s International Monetary Fund (IMF) programme. He emphasized that the nation’s economic recovery is an ongoing process, not a finished achievement. The President was addressing residents during a citizens’ engagement at Ndewura Jakpa Senior High School.
Inherited Challenges and Corrective Measures
President Mahama stated that his National Democratic Congress (NDC) administration inherited an IMF-supported programme that was in distress and at risk of failure upon taking office in January 2025. He explained that critical performance targets had been missed by the previous government.
This situation necessitated the implementation of stringent corrective measures by his government to restore stability and regain confidence in the programme. “We inherited the IMF programme from the previous government,” President Mahama said. “At the time we took over, all the agreed performance indicators were out of track, which meant that the programme was in danger of derailment, so we had to take some stringent actions to bring it back into alignment, and we were able to do that.”
Positive Assessment and Final Tranche
Subsequent reviews by IMF missions have acknowledged the progress achieved under President Mahama’s leadership. The most recent mission, which concluded its assessment in Ghana last week, provided a positive evaluation.
This positive assessment paves the way for the release of the final tranche of $380 million to support the Ghanaian economy. “The missions that came approved the programme, and the final mission just left Ghana last week, and they have given us a satisfying mark, and it is now going to the board to release the last tranche of $380 million to support our economy,” President Mahama explained.
Emphasis on Continued Work
Despite the positive developments and the impending final disbursement, President Mahama cautioned against premature celebration. He metaphorically dismissed the idea of “kenkey and waakye parties,” signifying that the economic work is far from over.
“We are not going to have a kenkey party because it is still work in progress,” he stated firmly. This stance underscores his administration’s commitment to sustained economic reform and development rather than short-term accolades.
Implications for Economic Stability
The President’s remarks signal a deliberate shift in focus from marking the end of an IMF programme to consolidating economic gains and addressing underlying structural issues. This approach suggests a desire to build a more resilient economy that is less reliant on external financial support and short-term fixes.
For the Ghanaian public and the business community, this means that while the IMF programme’s conclusion is a milestone, the emphasis will remain on continued fiscal discipline and policy implementation. The focus will likely be on job creation, poverty reduction, and sustainable growth, areas that require ongoing effort beyond the scope of an IMF conditional agreement.
Looking Ahead
President Mahama’s forward-looking perspective suggests that the government will prioritize the effective utilization of the final IMF tranche to bolster key sectors and implement policies aimed at long-term economic health. The administration’s commitment to avoiding celebratory ‘parties’ indicates a recognition of the deep-seated economic challenges that still need to be addressed. The coming months will reveal how this continued focus on ‘work in progress’ translates into tangible economic improvements for the citizens of Ghana.
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