Independent presidential candidate, Kofi Koranteng, has urged President-elect John Dramani Mahama to refrain from engaging with the International Monetary Fund (IMF) and instead explore other avenues to resolve Ghana's economic challenges.

He questioned how the country would generate the necessary funds through the IMF, emphasising the importance of finding alternative solutions.

Speaking on JoyNNews Am Show, on December 12, he said, "Ghana has records, so the government should go in and extract review."

Earlier, President-elect Mahama had expressed his intention to renegotiate the terms of an IMF bailout if he wins the December elections.

He also outlined plans to increase local ownership of future oil and mining projects in an effort to strengthen Ghana's economy.

President-elect Mahama attributed the country’s fiscal difficulties to a combination of factors, including years of excessive borrowing, the COVID-19 pandemic, the impact of the war in Ukraine, and rising global interest rates.

Ghana's external debt, which stood at $30 billion in 2022, led to the country defaulting on a significant portion of its obligations. In response, the IMF has already disbursed $1.56 billion to Ghana, with an additional $360 million scheduled for release by December.

However, Mahama stated, "I will seek further IMF assistance to help Ghana resume debt repayments and stabilize the national economy."