President-elect John Dramani Mahama has underscored the need to review and adjust Ghana’s ongoing programmes with the International Monetary Fund (IMF) and the World Bank to align with the country’s current economic realities and priorities.

0

Speaking during a courtesy call by the United Nations Resident Coordinator, Charles Abani, Mr Mahama emphasised that these adjustments are critical to stabilising Ghana’s economy and ensuring sustainable recovery.“Looking at the existing programmes, we need to tweak them to meet the realities of today… One of our main concerns is the issue of debt repayments.

1

We need to see how we can smooth them so that we don’t default again, which will be more catastrophic than the current defaulting,” he stated.Mr Mahama noted that swift engagements with international institutions like the IMF and World Bank would be a priority to realign ongoing initiatives with his incoming government’s vision.

2

The transition process, he explained, is grounded in Section 1 of the Presidential (Transition) Act, 2012 (Act 845), which mandates the formation of a Transition Team within 24 hours after the declaration of presidential election results. This framework ensures continuity and facilitates smooth handover between administrations, setting the stage for effective collaboration with development partners.

3

“This adjustment is crucial and will help put the new government that would be inaugurated next year on the same springboard with our development partners to begin the rebuilding of the economy and the country,” Mr Mahama stated.

4

Ghana is currently under a 36-month, $3 billion Extended Credit Facility with the IMF and has signed agreements with the World Bank, including a $250 million Ghana Financial Stability Project and another $250 million for the Ghana Energy Sector Recovery Programme. Mr Mahama stressed the urgency of managing these programmes effectively to stabilise the economy while addressing debt obligations.

5

“I don’t kid myself that it is going to be an easy task; it is going to be quite tough. I anticipated that we were going to win, but I didn’t anticipate the margin by which we were going to win. That is an indication that Ghanaians have very high expectations,” he added, committing to working tirelessly to meet those demands.

6

Highlighting the role of global partnerships, Mr Mahama lauded the United Nations and its agencies for their longstanding support to Ghana, particularly in areas like food security.“We are anticipating that there is going to be some problems with the availability of food, and so how we are able to quicken support to ameliorate the situation is something that we would like to work on,” he remarked.

7

He expressed readiness to collaborate with agencies such as UNICEF and UNHCR to uplift Ghanaians from economic hardship.

8