Mahama's Stark Warning: Ghana's Economy Still Needs Major Reforms Despite IMF Progress, Rejects 'Kenkey and Waakye' Exit Party
Ghana has successfully completed its IMF programme, with a final $380 million tranche pending, as announced by President John Dramani Mahama. Despite this milestone, Mahama cautions against premature celebrations, stressing that Ghana's economic recovery is "still a work in progress" and requires continued reforms and fiscal discipline. His administration inherited a struggling IMF programme in January 2025 and implemented stringent measures to bring it back on track.
President John Dramani Mahama has confirmed that Ghana has successfully completed its International Monetary Fund (IMF) programme, with the final review mission yielding a positive assessment. This paves the way for the release of the last tranche of financial support, amounting to $380 million, to bolster the Ghanaian economy. Speaking in the Savannah Region on Saturday, May 23, President Mahama emphasized that despite this significant milestone, his administration would not engage in premature celebrations, asserting that the country's economic recovery remains a "work in progress."
The President detailed that when the National Democratic Congress (NDC) administration assumed office in January 2025, it inherited an IMF-supported programme that was facing severe challenges. He noted that key performance indicators agreed under the programme had gone off track, putting the entire initiative at risk of derailment. To address this critical situation, his administration was compelled to implement stringent corrective measures during its initial months in office. These actions were crucial for restoring stability, confidence, and realigning the programme with its original objectives.
Subsequent IMF review missions acknowledged the substantial progress made under President Mahama's leadership. The latest mission, which concluded recently, provided a "satisfying mark for performance," further solidifying the program's successful completion and ensuring the approval of the final disbursement by the IMF Executive Board.
However, President Mahama cautioned against complacency, stating, “But we’re not going to have a kenkey party because we believe that it is still a work in progress.” He reiterated the government's steadfast commitment to maintaining fiscal discipline, implementing continuous reforms, and pursuing policies aimed at achieving long-term economic stability and sustainable growth. In what appeared to be a subtle jab at the previous administration, President Mahama referenced celebrations that followed Ghana’s earlier exit from an IMF programme, stating, “Unlike others who left the IMF and held waakye and kenkey parties, happy to be free from the IMF, we are not doing that because we know that our economy still needs a lot of work to be done.” This emphasized his administration's cautious approach and the ongoing need for diligent work to strengthen Ghana's economy.