https://en.sputniknews.africa/20241215/ghanas-president-elect-mahama-to-review-imf-bailout-1069720129.html
Ghana's President-Elect Mahama to Review IMF Bailout
Ghana's President-Elect Mahama to Review IMF Bailout
Sputnik Africa
In the run-up to Ghana's December 7 presidential and parliamentary elections, President-elect John Dramani Mahama had repeatedly stated that he would... 15.12.2024, Sputnik Africa
2024-12-15T10:32+0100
2024-12-15T10:32+0100
2024-12-16T15:21+0100
sub-saharan africa
economy
john mahama
nana akufo-addo
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west africa
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Ghana's newly elected president, John Dramani Mahama, has affirmed his commitment to the country's $3 billion IMF bailout program while advocating for necessary adjustments, clarifying his previous statements regarding renegotiation.Mahama, who secured a decisive victory in the recent elections, emphasized that his aim is not to abandon the program but to tailor it to better suit Ghana's current realities.His administration plans to focus on curbing wasteful government spending and addressing challenges within the energy sector, specifically targeting the financially troubled national electricity company.Mahama, who inherits a nation grappling with its worst economic crisis in decades, also intends to tackle inflation and currency depreciation.The politician also expressed dissatisfaction with the lack of pressure on the government to cut wasteful expenditure, pledging to review the program to reduce spending, starting with the presidential office itself.The president-elect noted that the IMF has agreed to an early review mission to facilitate discussions on debt restructuring and sustainable solutions for the energy sector.
https://en.sputniknews.africa/20241212/ghanas-economy-grew-at-fastest-pace-in-five-years-in-third-quarter-of-2024-statistician-says-1069687289.html
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economy, john mahama, nana akufo-addo, ghana, international monetary fund (imf), west africa, loan, economic growth, presidential election, elephants, africa in details
Ghana's President-Elect Mahama to Review IMF Bailout
10:32 15.12.2024 (Updated: 15:21 16.12.2024) Muhammad Nooh Osman
Writer/Editor
In the run-up to Ghana's December 7 presidential and parliamentary elections, President-elect John Dramani Mahama had repeatedly stated that he would renegotiate the $3 billion International Monetary Fund (IMF) bailout program secured by the outgoing administration of President Nana Akufo-Addo last year.
Ghana's newly elected president,
John Dramani Mahama, has affirmed his commitment to the country's $3 billion IMF bailout program while advocating for necessary adjustments, clarifying his previous statements regarding renegotiation.
Mahama, who secured a
decisive victory in the recent elections, emphasized that his aim is not to abandon the program but to tailor it to better suit Ghana's current realities.
"When I talk about renegotiation, I don't mean we're jettisoning the programme," he told Western media. "We're bound by it, but what we're saying is within the programme, it should be possible to make some adjustments to suit reality."
His administration plans to focus on curbing wasteful government spending and addressing challenges within the energy sector, specifically targeting the financially troubled national electricity company.
Mahama, who inherits a nation grappling with its worst economic crisis in decades, also intends to tackle inflation and currency depreciation.
"The economic situation is dire ... and I'm going to put my soul, physique and everything into it and focus on making lives better for Ghanaians," he said, criticizing the IMF program's "multiplicity of taxes," claiming they hinder business growth.
The politician also expressed dissatisfaction with the lack of pressure on the government to cut wasteful expenditure, pledging to review the program to reduce spending, starting with the presidential office itself.
"If the president is asking us to tighten our belt, he must also tighten his," said Mahama, whose party also won a majority in parliament.
The president-elect noted that the IMF has agreed to an early review mission to facilitate discussions on debt restructuring and sustainable solutions for the energy sector.
