IMF open to renegotiating Ghana’s $3bn deal with Mahama’s government

The International Monetary Fund (IMF) is open to renegotiating Ghana’s $3 billion financing program with President-elect John Dramani Mahama’s administration, as long as the reforms remain intact.

The IMF emphasized that any changes must ensure the achievement of the program’s economic objectives, which include restoring macroeconomic stability, ensuring debt sustainability, and fostering inclusive growth.

Ghana's debt crisis, with debt reaching nearly 100% of GDP by 2022, triggered inflation and a sharp depreciation of the cedi.

Mahama, who won the presidential election, has expressed a desire to renegotiate the IMF deal to ease loan repayments and reduce corporate taxes while prioritizing stability over growth.

Experts believe a renegotiation to align the program with the new administration’s goals is likely.