Franklin Cudjoe hails Mahama government’s IMF exit strategy

Franklin Cudjoe has praised the John Dramani Mahama administration’s strategy for exiting Ghana’s International Monetary Fund bailout programme.

In a social media post following Ghana’s official conclusion of its $3 billion Extended Credit Facility programme with the IMF, Mr. Cudjoe described the government’s approach as a “masterstroke in economic diplomacy.”

The policy analyst said the Mahama-led administration had engineered what he termed the “fastest economic recovery in Ghana’s history” after inheriting an economy burdened by debt distress, inflation, and investor uncertainty.

“The fastest economic recovery in Ghana’s history has been recorded and achieved by version 2.0 of the Mahama-led government,” he wrote.

According to him, key indicators, including inflation, debt levels, and international reserves, had improved significantly under the current administration.

Mr. Cudjoe listed what he described as major achievements of the government, including “rapid decline in inflation,” “a confident cedi,” and “the quickest debt reduction from 65% to 45% of GDP in just one year.”

He also commended Finance Minister Cassiel Ato Baah Forson and the government’s economic management team for their handling of the IMF programme inherited from the previous administration.

“Buoyed by confidence, candour, and transparency, the government’s finance team, competently led by Dr. Ato Forson carefully choreographed how to work with the IMF programme they inherited,” he stated.

Mr. Cudjoe argued that the economic crisis Ghana experienced in 2022 was avoidable and blamed what he called years of fiscal indiscipline and missed IMF structural benchmarks under the previous administration.

He further welcomed the government’s transition from the IMF Extended Credit Facility to the Policy Coordination Instrument, describing it as a credible framework to maintain investor confidence without depending on additional bailout funding.

“This is to remain credible to investors and the markets, and in the process mobilise enough capital to invest in critical areas of the economy,” he noted.

Mr. Cudjoe also urged the government to sustain fiscal discipline and reform loss-making State-Owned Enterprises.

This follows Ghana’s official exit from the IMF programme after completing the 2026 Article IV Consultation and the sixth review under the ECF, with Finance Minister Dr. Forson announcing the successful conclusion of the arrangement.