President John Dramani Mahama has told Ghanaians living in the United Kingdom that Ghana has successfully stabilised its economy and completed key phases of its International Monetary Fund (IMF) Extended Credit Facility programme.
Speaking at a Town Hall engagement in London as part of his five-day official visit to the UK, the President said the country’s macroeconomic indicators were now showing strong signs of recovery, with Ghana “back on track” after a difficult period of economic turbulence.
The IMF Extended Credit Facility was introduced to help restore macroeconomic stability and ensure debt sustainability following what officials described as a severe economic downturn in previous years.
President Mahama explained that when his administration assumed office, the programme had significantly derailed after key performance targets failed to be met in 2024, leaving Ghana in a position where urgent corrective measures were required ahead of a scheduled IMF review.
He said discussions with IMF technical teams confirmed that most agreed benchmarks were off track, forcing the government to take difficult but necessary policy decisions to restore stability before the next formal assessment.
According to him, the situation required strict fiscal adjustments, which he likened to administering strong medicine to a patient in order to achieve recovery.
He noted that although the measures were tough, they have yielded positive results, with Ghana now regaining economic confidence and meeting key programme expectations.
President Mahama added that the country’s economic turnaround has attracted international attention, with Ghana increasingly cited as an example of recovery during global financial discussions, including World Bank and IMF meetings.
He further stated that Ghana’s current performance has positioned it as a reference point for other countries seeking to stabilise their economies under similar conditions.
The engagement in London forms part of his broader diplomatic and investment outreach aimed at strengthening ties with the Ghanaian diaspora and encouraging their participation in national development.
