President elect, John Dramani Mahama says his government will not forsake the country’s current International Monetary Fund Programme.
Mr. Mahama explained that the economic recovery programme will continue in case some agreements can be reached on a few adjustments.
“We are not going to jettison the programme. Let me make that clear. We will not abandon it, but within the framework of the programme, I believe there is room for some adjustments. If we reach an agreement on those adjustments, we will continue the programme until its conclusion,” he said.
He was speaking during an interview with VOA on December 14 where he made his remarks on Ghana’s economy. The IMF programme was initiated by the Akuffo-Addo- Bawumia led government during a time which Ghana’s economy was experiencing low ranks in statistics. Mr. Mahama acknowledged that the initiative by the current administration has been crucial in brining some semblance of stability in the economy.
According to him, his team has requested further discussions with the IMF as they were not part of negotiations for the programme.
“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 said.
The president elect will be inheriting an economy which has been taking a nosedive for some years now. Cedi depreciation and inflation have been high and citizens have lamented the price hikes in goods and services. This worrying situation amongst others played in Mr. Mahama’s advantage during his campaigns ahead of the election.
Speaking extensively on economic issues, Mr. Mahama expressed that the country is facing a dual crisis, namely macroeconomic stability and debt sustainability issues, stating that the IMF programme has been focused on macroeconomic stability only.
“Previously, when we engaged with the IMF, it was for macroeconomic stability alone, but now we have twin challenges: macroeconomic stability and debt sustainability. Therefore, we will continue with the IMF programme,” he added.
Mr. Mahama saw a resounding victory in the just ended election, polling close to 57% of votes and now on the verge of having a two-thirds majority in parliament.
He will be sworn in officially on January 7, 2025.
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