President John Dramani Mahama has conveyed his assurance that Ghana will fulfill its $3 billion Extended Credit Facility (ECF) agreement with the International Monetary Fund (IMF) as planned, without the need for an extension past April 2026.
During a reflection session with business leaders after the Kwahu Business Forum, President Mahama reiterated his dedication to maintaining strict fiscal discipline and fully executing the IMF-supported program.
I can guarantee that we will uphold fiscal discipline and prudence throughout the IMF program, and our commitment will extend beyond that.
My aspiration is that by the time we conclude next year, we will have executed the program so successfully that an extension past April 2026 will be unnecessary,” he remarked.
He also highlighted: “Upon the program’s completion, we will persist in managing government spending judiciously and maintaining disciplined economic oversight, thereby fostering greater opportunities for private sector expansion.
President Mahama committed to prioritizing the empowerment of the private sector, identifying it as a crucial element for Ghana’s economic recovery and sustainable development. He stated, ‘The prosperity of the economy is directly linked to the success of the private sector.
A satisfied private sector leads to a content government. It is the private sector that has the capacity to employ the large number of youth graduating from our educational institutions at all levels.’
Mahama pointed out the limitations of public sector jobs, mentioning, ‘The total number of government employees, from security personnel to top executives, is less than one million — around 800,000 — in a nation of 33 million.’
He emphasized, ‘Even if we were to double that figure, we would still encounter a significant challenge with youth unemployment.
The private sector is the only domain capable of sufficiently accommodating the increasing number of young individuals entering the job market.’
