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President-elect John Dramani Mahama has announced plans to renegotiate Ghana’s agreements with development partners, including the International Monetary Fund (IMF) and the World Bank. Speaking during a courtesy visit by United Nations Resident Coordinator Charles Abani, Mr. Mahama emphasized the need to align these agreements with the priorities of his incoming administration and the country’s current realities.
“This adjustment is crucial to place the new government on equal footing with our development partners as we work to rebuild the economy,” Mr. Mahama stated.
The Presidential (Transition) Act, 2012 (Act 845) provides a legal framework for a smooth handover of power. The Transition Team, established within 24 hours of election results, will spearhead engagements with stakeholders to ensure continuity.
Mr. Mahama stressed the importance of addressing Ghana’s debt repayments to prevent future defaults, which he described as potentially catastrophic. Ghana is currently under a $3 billion, 36-month Extended Credit Facility with the IMF and has additional agreements with the World Bank, such as the $250 million Ghana Financial Stability Project and the Ghana Energy Sector Recovery Programme.
“We need to tweak existing programmes to reflect today’s realities. Managing debt repayments while stabilizing the economy is a priority,” he noted.
Highlighting the role of international partnerships, Mr. Mahama praised the United Nations for its ongoing support in areas like food security. He expressed readiness to collaborate with agencies like UNICEF and UNHCR to address Ghana’s economic challenges.
“We anticipate potential food availability issues, and we will work to expedite support to mitigate this challenge,” he added.
Mr. Abani commended Ghana’s peaceful 2024 elections and affirmed the UN’s commitment to working with the incoming government. “The UN stands fully with you and Ghana. We look forward to supporting your presidency and collaborating on key issues,” he said.
Mr. Mahama’s decisive election victory, with 56.55% of the vote, underscores the high expectations Ghanaians have for his leadership. He acknowledged the challenges ahead but expressed determination to meet these demands head-on.
