Ghana is gradually trying to cut down its dependence on external financial support as the government works to steady the economy and rebuild public confidence after years of economic pressure. Slow growth, rising debt, and high inflation had taken a heavy toll on households and businesses, pushing the country into difficult decisions.

Since 2023, Ghana has been operating under an International Monetary Fund (IMF) programme, introduced at a time when inflation was climbing sharply, the cedi was under pressure, and government buffers had thinned out. The programme was aimed at stabilising the economy and restoring some level of order to public finances.

Officials say the decision to go to the IMF was driven by several factors. Beyond dealing with global economic shocks, Ghana needed balance-of-payments support and access to concessional financing. The programme also helped unlock additional funding from international partners who often look to IMF backing as a signal of credibility.

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In his New Year message, President John Dramani Mahama said the government is now preparing to exit the IMF programme, but in a careful and measured way. According to him, the focus is on protecting Ghana’s economic credibility while gradually moving away from external supervision.

“We are beginning the process of exiting the IMF programme with dignity, not as supplicants, but as partners,” the President said.

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Ghana’s return to the IMF came after debt levels and inflation spiralled to the point where investor confidence was badly shaken. While the programme has helped to calm parts of the economy, it has also stirred debate at home, especially around economic sovereignty and how much control the country gives up under IMF conditions.

President Mahama said debt renegotiations have now been completed on terms that safeguard Ghana’s sovereignty while keeping the debt path sustainable. He noted that relations with international partners are improving, supported by stronger economic indicators.

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According to the President, inflation, which was above 23 percent by the end of 2024, has started easing. The cedi has also shown relative stability in recent months, and business confidence appears to be picking up slowly. Government officials believe these developments provide a solid base for Ghana to exit the IMF programme in a dignified manner and begin the next phase of economic recovery.