President John Dramani Mahama has expressed unwavering confidence in Ghana’s ability to complete its $3 billion Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF) within the scheduled timeframe, dispelling any notions of seeking an extension beyond April 2026.
Addressing a gathering of prominent business leaders during the Kwahu Business Forum, President Mahama reaffirmed his administration’s commitment to upholding strict fiscal discipline and ensuring the full implementation of the IMF-supported programme.
He stated, “I can assure you that we will maintain fiscal discipline and prudence during the IMF programme, but our discipline will not end there. Even after we exit next year, my hope is that we will have implemented the programme so effectively that there will be no need for an extension beyond April 2026.”
The President emphasized the significance of responsible economic management, highlighting the need for continued fiscal prudence even after the programme’s completion.
“After we complete the programme, we will continue to manage government expenditure responsibly and maintain disciplined economic management, creating more space for private sector growth,” he assured.
President Mahama underscored the pivotal role of the private sector in driving Ghana’s economic recovery and long-term development.
“If the private sector thrives, the economy thrives. If the private sector is happy, government is happy. It is the private sector that can absorb and employ the teeming youth graduating from all levels of our educational system,” he noted.
Highlighting the limitations of public sector employment, President Mahama pointed out that even significant increases in government employment would still fall short in addressing the country’s youth unemployment challenge.
“When you add up all government employees, from watchmen to chief executives, you’re talking about fewer than a million people — approximately 800,000 — in a population of 33 million,” he explained.
“Even if we doubled that number, we would still face a major youth unemployment challenge. The only sector that can adequately absorb the growing number of young people entering the workforce is the private sector.”
With a strong emphasis on private sector growth, President Mahama’s administration is poised to implement policies that foster a conducive business environment, driving economic development and job creation for Ghana’s burgeoning youth population.