No more reckless borrowing – Mahama vows at 9th Ghana CEO Summit

President John Dramani Mahama has reaffirmed his commitment to fiscal discipline. He emphasized responsible borrowing as Ghana nears the end of its IMF program.

Mahama spoke at the 9th Ghana CEO Summit on May 26, 2025. The theme was “Transforming Business and Governance for a Sustainable Futuristic Economy.” He outlined strategies for economic sustainability and financial prudence.

“We will maintain discipline in government spending and borrowing,” Mahama said. He aims to meet all targets under the IMF's Extended Credit Facility program. The fourth review of this program is expected in June 2025, with plans to exit by late 2026.

He assured business leaders that Ghana's relationship with the IMF will change after 2026. The focus will shift from loans to a Policy Support Instrument framework.

The President clarified future borrowing practices. Loans will only be linked to profitable projects by local governments and state agencies.

“Future borrowing will support self-financing projects,” he stated. This includes Metropolitan, Municipal, and District Assemblies (MMDAs) and State-Owned Enterprises (SOEs). He also mentioned strengthening sovereign funds and local government financing.