Associate Professor of Finance and Economics at the University of Ghana Business School, Professor Godfred Bokpin, has warned the government against ending the International Monetary Fund (IMF) programme in 2026.

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He stressed that cutting ties with the IMF would have serious consequences, saying, "I found it difficult how Ghana will survive after the programme."

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Speaking at an event organized by the Canada Ghana Chamber of Commerce under the theme “2025 Budget in Perspective,” Professor Bokpin pointed out that Ghana could face major fiscal challenges if the government pulls out of the IMF programme, which is scheduled to conclude in 2026.

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He explained that the recent steep hike in utility tariffs was linked to IMF requirements, as the IMF Board would not approve the next $360 million in balance of payments support if the government failed to adjust tariffs.

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Meanwhile, President John Mahama’s administration has signaled that it does not intend to extend the IMF programme, even though the economy has not fully recovered. Ghana is expected to begin substantial loan repayments from 2026, a move that will likely exert heavy pressure on the country’s finances.

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Reflecting on the nation's economic journey, Professor Bokpin expressed concern that despite having a stronger start post-independence compared to countries like Malaysia and Singapore, Ghana’s economy has yet to truly take off.

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"Since 1992, every budget has talked about macroeconomic stability, which is not an end in itself but a means to an end. Ghana’s economy is yet to take off since independence though it was doing better than Malaysia and Singapore, but today these two countries are doing better. There is no urgency to grow the economy”.

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He noted that while Malaysia has never sought assistance from the IMF, Ghana has turned to the IMF for bailout support 17 times.

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“Ghana has spent more money same as Singapore and Malaysia for development but lags significant behind these two countries. These countries [Singapore and Malaysia] have used fiscal policy to drive economic growth but Ghana has failed to do so”.

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