President-elect Mahama to renegotiate IMF, World Bank deals

President-elect John Dramani Mahama has pledged to review and adjust Ghana's existing agreements with development partners to align with the country's current needs and aspirations. 

Speaking during a courtesy call by the United Nations Resident Coordinator, Charles Abani, Mr Mahama emphasised the importance of creating partnerships that reflected the realities of today and the vision of his incoming government.  

“This adjustment is crucial and will help put the new government that would be inaugurated next year on the same springboard with our development partners to begin the rebuilding of the economy and the country,” Mr Mahama stated.  

Transition process guided by law

Underpinning this transition is Section 1 of the Presidential (Transition) Act, 2012 (Act 845), which mandates the formation of a Transition Team within 24 hours after the declaration of presidential election results.

This legal framework ensures continuity and smooth handover between administrations, setting the stage for collaboration with development partners and other stakeholders.  

Mr Mahama noted the need for swift engagements with international institutions, particularly the International Monetary Fund (IMF) and the World Bank, to realign ongoing programmes with his government’s priorities. 

“Looking at the existing programmes, we need to tweak them to meet the realities of today... One of our main concerns is the issue of debt repayments. We need to see how we can smooth them so that we don’t default again, which will be more catastrophic than the current defaulting,” he remarked.  

IMF and World Bank programmes  

Ghana is currently under a 36-month, $3 billion Extended Credit Facility with the IMF and has also signed several agreements with the World Bank, including a $250 million Ghana Financial Stability Project and another $250 million for the Ghana Energy Sector Recovery Programme. Mr Mahama stressed the urgency of managing debt repayments while working to stabilise the economy.  

“I don’t kid myself that it is going to be an easy task; it is going to be quite tough. I anticipated that we were going to win, but I didn’t anticipate the margin by which we were going to win. That is an indication that Ghanaians have very high expectations,” he said, committing to working tirelessly to meet these demands.  

Global collaboration and domestic concerns  

The President-elect highlighted the critical role of global partnerships in Ghana’s recovery. He lauded the United Nations and its agencies for their longstanding support, particularly in addressing challenges such as food security. 

“We are anticipating that there is going to be some problems with the availability of food, and so how we are able to quicken support to ameliorate the situation is something that we would like to work on,” Mr Mahama said.  

He expressed readiness to collaborate with agencies such asUNICEF and UNHCR to uplift Ghanaians from the current economic challenges.  

UN’s support for Ghana  

Mr Abani commended Ghana’s seamless 2024 elections, describing the polls as a hallmark of democratic excellence in Africa. “This visit is to assure you that the UN stands fully with you and fully with Ghana. We know your presidency is just about to unfold, and I can assure you of our collaboration,” Mr Abani said.  

The elections saw Mr Mahama secure 6,328,397 valid votes, representing 56.55%, underscoring his strong mandate.