Ghana’s President-Elect Seeks IMF Deal Changes, Energy Fix

Accra, Dec. 14 – Ghana’s President-elect John Dramani Mahama has pledged to retain the country’s $3 billion bailout agreement with the International Monetary Fund (IMF) while seeking revisions to curb wasteful government spending and overhaul the struggling energy sector.

Mahama, who won the December 7 election with 56.55% of the vote, said the IMF program, secured by outgoing President Nana Akufo-Addo’s administration in 2023, requires adjustments to address Ghana’s economic challenges.

“When I talk about renegotiation, I don’t mean we’re abandoning the programme,” Mahama said. “We’re bound by it, but it should be possible to make adjustments that reflect reality.”

Ghana’s economic crisis has pushed inflation to historic highs and weakened the cedi, driving a cost-of-living crisis. While the IMF deal has brought some relief, Mahama said more action is needed to ease the burden on Ghanaians.

Cutting Costs and Boosting Energy Stability

Mahama criticized what he described as excessive taxes imposed under the IMF agreement, saying they have made the country unattractive to businesses. He also called for tighter spending controls, including cuts within the presidency.

“If the president is asking us to tighten our belts, he must also tighten his,” Mahama said.

He highlighted the critical state of Ghana’s energy sector, specifically the inefficiencies of the Electricity Company of Ghana, and vowed to resolve ongoing power supply challenges.

“We’re going to face quite a critical situation in the energy sector. The Electricity Company of Ghana is the ‘sick man’ of the whole value chain, and we need to quickly fix it,” he said.

Mahama added that the IMF has agreed to an early mission for a program review, which will focus on debt restructuring and economic reforms.