Ghana is taking steps to reduce its dependence on external financial assistance as the government works to restore economic stability and rebuild public and investor confidence following years of slow growth, high inflation and rising public debt.

Since 2023, the country has been operating under an International Monetary Fund (IMF)-supported programme aimed at stabilising the economy after sharp inflationary pressures, a weakening cedi and the erosion of fiscal buffers.

Government officials say Ghana turned to the IMF for three key reasons: to stabilise the economy in the wake of global shocks, to secure balance-of-payments support through concessional financing, and to unlock additional international funding by restoring confidence among development partners and investors.

In his New Year message, President John Dramani Mahama announced that the government is laying the groundwork to exit the IMF programme while preserving Ghana’s economic credibility. He said reforms implemented over the past year have strengthened macroeconomic fundamentals sufficiently to support a gradual and orderly withdrawal.

“We are beginning the process of exiting the IMF programme with dignity, not as supplicants, but as partners,” the President said.

Ghana’s decision to seek IMF support followed a period of escalating debt levels and surging inflation, which weakened investor confidence and strained the economy. While the programme has helped restore a measure of stability, it has also generated debate over economic sovereignty and the long-term implications of IMF conditionalities.

President Mahama noted that the government has successfully concluded debt renegotiations on terms that protect national sovereignty while ensuring long-term sustainability. He added that Ghana is steadily rebuilding trust with international partners.

According to the President, inflation has declined from above 23 per cent by the end of 2024, the cedi has experienced relative stability, and business confidence is gradually improving—developments the government believes provide a solid foundation for a credible and dignified exit from the IMF programme.