\n
The International Monetary Fund says it is open to renegotiating Ghana\u2019s $3 billion financing programme with President-elect John Dramani Mahama\u2019s administration provided accompanying reforms aren\u2019t jeopardised.<\/p>\n
\u201cIMF-supported programmes are developed collaboratively with each country\u2019s authorities,\u201d a spokesperson for the IMF said in response to Bloomberg. \u201cAny changes must ensure that the economic objectives of the reform programmes remain achievable.\u201d<\/p>\n
The IMF\u2019s primary focus under the current extended-credit facility is to support Ghana in restoring macroeconomic stability and ensuring debt sustainability while fostering long-lasting and inclusive growth, the spokesperson added.<\/p>\n
Ghana embarked on a debt restructuring and sought IMF help when it could no longer service its loans. State debt ballooned to almost 100 per cent of gross domestic product by the end of 2022.<\/p>\n
The debt crisis fanned inflation, which reached 54.1% two years ago before declining to 23 per cent at the end of November. The nation\u2019s currency, the cedi, has depreciated about 60 per cent in the last four years, and the central bank increased interest rates to a two-decade high of 30 per cent before lowering it to 27 per cent.<\/p>\n
Under the IMF programme, which began in May 2023, the government must achieve a primary budget surplus of 0.5 per cent of gross domestic product by the end of this year. It also needs to achieve a debt-to-GDP ratio of 55 per cent by 2028.<\/p>\n
Mr Mahama, who won presidential elections last weekend to reclaim a post he last held eight years ago, has said he intends to renegotiate the IMF package to smooth out the repayment of restructured loans and reduce the tax burden on corporates. He\u2019s also pledged to prioritise stability over economic growth after he takes office on January 7.<\/p>\n
\u201cWe do not expect the NDC to walk away from the current IMF programme,\u201d Barclays Plc said in a note to clients. \u201cIt seems reasonable to expect a renegotiation to help align the NDC\u2019s economic preferences and tactical macro signalling with the programme.\u201d<\/p>\n
Mr Mahama beat Vice-President Mahamudu Bawumia in the election, winning 56.6 per cent of the vote.<\/p>\n
\u00a0<\/p>\n
Source: Graphic.com<\/strong><\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"The International Monetary Fund says it is open to renegotiating Ghana\u2019s $3 billion financing programme with President-elect John Dramani Mahama\u2019s administration provided accompanying reforms aren\u2019t jeopardised. \u201cIMF-supported programmes are developed collaboratively with each country\u2019s authorities,\u201d a spokesperson for the IMF said in response to Bloomberg. \u201cAny changes must ensure that the economic objectives of the […]<\/p>\n","protected":false},"author":1,"featured_media":264517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-264516","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
IMF open to renegotiating Ghana's $3bn deal with Mahama's administration - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/12\/12\/imf-open-to-renegotiating-ghanas-3bn-deal-with-mahamas-administration\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF open to renegotiating Ghana's $3bn deal with Mahama's administration - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund says it is open to renegotiating Ghana\u2019s $3 billion financing programme with President-elect John Dramani Mahama\u2019s administration provided accompanying reforms aren\u2019t jeopardised. \u201cIMF-supported programmes are developed collaboratively with each country\u2019s authorities,\u201d a spokesperson for the IMF said in response to Bloomberg. \u201cAny changes must ensure that the economic objectives of the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2024\/12\/12\/imf-open-to-renegotiating-ghanas-3bn-deal-with-mahamas-administration\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-12T22:49:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/12\/mahama-nice-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/12\\\/12\\\/imf-open-to-renegotiating-ghanas-3bn-deal-with-mahamas-administration\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/12\\\/12\\\/imf-open-to-renegotiating-ghanas-3bn-deal-with-mahamas-administration\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"headline\":\"IMF open to renegotiating Ghana’s $3bn deal with Mahama’s administration\",\"datePublished\":\"2024-12-12T22:49:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/12\\\/12\\\/imf-open-to-renegotiating-ghanas-3bn-deal-with-mahamas-administration\\\/\"},\"wordCount\":355,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/12\\\/12\\\/imf-open-to-renegotiating-ghanas-3bn-deal-with-mahamas-administration\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/12\\\/mahama-nice-.jpg\",\"articleSection\":[\"Local News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/12\\\/12\\\/imf-open-to-renegotiating-ghanas-3bn-deal-with-mahamas-administration\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/12\\\/12\\\/imf-open-to-renegotiating-ghanas-3bn-deal-with-mahamas-administration\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/12\\\/12\\\/imf-open-to-renegotiating-ghanas-3bn-deal-with-mahamas-administration\\\/\",\"name\":\"IMF open to renegotiating Ghana's $3bn deal with Mahama's administration - 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