TEMA, Ghana, 16th May: Secretary General of the Ghana Federation of Labour (GFL), Abraham Koomson, has cautioned the government against making definitive declarations that Ghana will never return to the International Monetary Fund (IMF) for support.
According to him, global commodity price shocks and persistent structural weaknesses in Ghana’s economy make it difficult for any government to guarantee long-term economic independence from the Bretton Woods institution.
His comments come after the Government of Ghana officially announced the successful conclusion of its Extended Credit Facility (ECF) programme with the IMF, describing it as the end of the country’s financial bailout relationship with the global lender.
In a statement issued on Friday, May 15, 2026, the government said the achievement reflects the restoration of macroeconomic stability and debt sustainability ahead of schedule.
The statement explained that after the IMF programme was derailed at the end of 2024, the administration of President John Dramani Mahama acted swiftly in 2025 to restore confidence in the economy through aggressive fiscal consolidation, expenditure rationalisation, and major structural reforms.
Following Ghana’s exit from the $3 billion Extended Credit Facility programme, the government has transitioned to a non-financing Policy Coordination Instrument (PCI), a move authorities say will maintain IMF monitoring and reassure international investors and creditors.
Despite the progress, concerns remain over Ghana’s vulnerability to external economic shocks, particularly fluctuations in cocoa, oil, and gold prices. Economists warn that sudden declines in global commodity prices could quickly weaken the cedi and reduce foreign reserves.
Ghana also continues to grapple with high debt levels even after recent restructuring efforts, with the country still ranked among the highest IMF debtors in Africa. Analysts say debt servicing obligations continue to limit the fiscal space needed for national development.
Reacting to the development on Ahotor FM’s Yepe Ahunu show on Saturday, May 16, Abraham Koomson said the possibility of Ghana returning to the IMF in the future cannot be completely ruled out.
He argued that the economy is still recovering from what he described as the devastating impact of the previous New Patriotic Party (NPP) administration on the country’s finances over the past eight years.
“Things are not yet stable enough for anybody to confidently say Ghana will never go to the IMF again,” he stated.
Mr. Koomson further stressed that Ghana can only confidently avoid future IMF assistance when the country becomes self-sufficient, particularly in food production and other key sectors of the economy.
He warned that making absolute promises about avoiding future IMF programmes could create challenges if economic conditions worsen unexpectedly.
According to him, the economic difficulties inherited from the Akufo-Addo administration require long-term structural solutions before Ghana can truly achieve financial independence.
LISTEN TO ABRAHAM KOOMSON IN THE AUDIO BELOW:
Story by: Emmanuel Romeo Tetteh(#RomeoWrites✍️)/Ahotoronline.com | Ghana 🇬🇭
