Education Minister Haruna Iddrisu has revealed that Ghana is preparing to exit its International Monetary Fund (IMF) programme before the end of 2026.

Speaking during a visit to the construction site of the University of Engineering and Agricultural Sciences at Bunso in the Eastern Region, the minister said the government expects to complete its exit from the programme by August or, at the latest, by the end of the year.

“We are just preparing to walk out of the IMF programme. Before the end of August or by the close of this year, we should be out,” he stated.

Mr Iddrisu explained that leaving the IMF programme will enable the government to meet outstanding financial obligations, particularly on stalled infrastructure projects affected by Ghana’s domestic debt exchange programme.

According to the minister, construction work at the University of Engineering and Agricultural Sciences, which began in 2022, was delayed due to constraints caused by the debt restructuring exercise, which limited government spending and delayed contractor payments.

“There is no doubt that the debt exchange programme caused long-term damage to the economy and affected the effective completion of projects like this,” he said.

He disclosed that of the US$90 million committed by the government for the project, US$28.6 million remains unpaid, including US$9.8 million owed by the Ministry of Finance.

Despite the delays, the minister expressed confidence that the outstanding payments will be settled as Ghana exits the IMF programme, noting that concessionary financing from South Korea remains among the most favourable options for the country.

Mr Iddrisu also revealed that President John Dramani Mahama is expected to visit South Korea later this year to seek additional financing to expand the university project.

“With certainty, the President will ask for additional financing to escalate this project so we can get better numbers,” he said.