President John Dramani Mahama has reiterated that his administration has no immediate plans to extend Ghana’s ongoing $3 billion Extended Credit Facility (ECF) agreement with the International Monetary Fund (IMF).

Speaking in an interview with Bloomberg TV at the Munich Security Conference, he stressed that his government remains committed to executing the existing programme without seeking an extension at this stage.

Addressing the possibility of future modifications, President Mahama acknowledged that an extension could be considered if necessary but insisted that the current focus was on implementing the agreed measures.

“We’ve not talked about an extension of the programme. We are determined to continue with this programme,* he stated.

“If it’s necessary to look at additional funds or to extend the programme, we’ll look at it, but for now, we are determined to continue on this trajectory.”

The President also provided insights into recent discussions between his government and the IMF, highlighting key proposals aimed at ensuring economic stability.

He assured that his administration remains dedicated to tackling Ghana’s economic challenges while working within the framework of the existing ECF arrangement.

Ghana’s $3 billion ECF programme, which was approved on 17th May, 2023, is set to run for three years and is designed to support the country’s economic recovery and growth.

As part of the agreement, Ghana is expected to implement structural reforms and adhere to fiscal discipline to restore economic stability.

During discussions with the IMF, the government focused on critical areas such as tax rationalisation, debt management, and fiscal prudence.

These measures, according to President Mahama, are key to sustaining Ghana’s economic progress and ensuring that the country maximises the benefits of the ongoing programme.