President of IMANI Africa, Mr. Franklin Cudjoe, has praised the economic direction of the current administration, describing Ghana’s recent recovery as one of the fastest economic turnarounds in the nation’s history under the leadership of President John Dramani Mahama and his government.
According to the renowned policy analyst and IMANI Africa boss, Ghana’s emergence from economic distress follows years of what he described as “waste, mismanagement, and plunder” under the previous administration, which pushed the country into severe economic turbulence and dependence on the International Monetary Fund (IMF).
Mr. Cudjoe highlighted several major achievements recorded by the government within a relatively short period, including Ghana’s successful exit from the IMF Extended Credit Facility (ECF) Programme with what he termed “star-studded honours,” a sharp decline in inflation, renewed stability of the Ghana cedi, improved international reserves, and a significant reduction in the country’s debt-to-GDP ratio from 65 percent to 45 percent within one year.
He credited the achievement to prudent economic management, transparency, and strategic coordination between government and international financial partners. Special mention was made of Finance Minister Dr. Cassiel Ato Forson, whom he described as leading a competent finance team that carefully managed the IMF programme inherited from the previous administration.
According to him, the earlier IMF programme had been weakened significantly by the Domestic Debt Exchange Programme (DDEP), which negatively affected the savings and investments of many Ghanaians. He further argued that the economic downturn experienced in 2022, where key macroeconomic indicators deteriorated drastically, could have been avoided with stronger fiscal discipline and effective policy implementation.
Reflecting on the previous administration’s handling of the IMF programme, Cudjoe noted that many of the structural benchmarks agreed with the IMF were missed even before the COVID-19 pandemic and the Russia-Ukraine war intensified global economic pressures.
However, he believes the current administration has adopted a more disciplined and sustainable economic path. He pointed to government’s decision to transition from the IMF bailout programme into the Policy Coordination Instrument (PCI), a non-financing advisory and monitoring framework of the IMF designed to support countries in implementing reforms without direct financial assistance.
Explaining the significance of the PCI, he stated that it serves as an international seal of confidence in Ghana’s economic management and demonstrates government’s commitment to fiscal discipline, investor confidence, and long-term economic stability without reliance on external bailouts.
Cudjoe further disclosed that government had committed itself to maintaining strict fiscal oversight for an additional 36 months beyond the 2028 general elections in order to assure investors and international markets of policy continuity and responsible public spending.
He described the move as a bold and strategic step aimed at attracting investment capital, strengthening the private sector, creating jobs, and ensuring that national resources are managed prudently rather than wasted through excessive expenditure.
The IMANI Africa President also commended President Mahama for his direct involvement and attention to governance, stating that the President’s current focus appears strongly centred on legacy, credibility, and restoring national confidence.
While celebrating Ghana’s progress toward economic stability, Cudjoe cautioned that the country must now prioritise resilience through sustained fiscal discipline, particularly in addressing the financial burden posed by State-Owned Enterprises (SOEs), which reportedly cost the nation approximately $2 billion annually.
He advocated sweeping reforms within the SOE sector, including the closure of non-performing enterprises, mergers of inefficient institutions, and the appointment of independent, world-class management teams to improve operational efficiency and profitability.
In conclusion, Franklin Cudjoe expressed appreciation to the economic management team, the Governor of the Bank of Ghana, the leadership behind GoldBod, and other government officials working tirelessly to ensure the success of Ghana’s post-IMF economic programme.
According to him, maintaining fiscal discipline and ensuring spending remains within approved budgets will be critical if Ghana is to sustain economic stability and avoid returning to the IMF in the future.
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Source: #DelaAkafiaNews #12FramesTvNews
