President John Dramani Mahama has said Ghana has become a poster boy for the International Monetary Fund (IMF) and the World Bank.
According to President Mahama, his government and the IMF are surprised at the quick turnaround of Ghana’s economy.
He highlighted that anytime he meets the IMF officials and the World Bank Officials they do not believe what has happened in Ghana.
President Mahama noted that Ghana’s progress in the last year has received international recognition and admiration from other African countries, which are now studying Ghana’s policy choices.
Speaking on the state of the economy during the 23rd Anniversary and Thanksgiving Service of the First Sky Construction Company on Sunday, January 25, President Mahama stated, “I have done this job before, and the crisis we faced was extremely difficult. In my own estimation, I thought it would take about two years to see an economic turnaround. But this is how far God has brought us”.
“We are all surprised and shocked at the speed of the recovery. Whenever I meet IMF and World Bank officials, they are amazed at what has happened in Ghana. Today, Ghana has become something of a poster boy for the IMF and the World Bank. Bringing inflation down from 23.8 per cent to 5.4 per cent within a year, and seeing the cedi appreciate by 37 per cent in the same period, can only be attributed to the grace of God,” the President added.
He added, “So when you go to other African countries, they say dont you see Ghana, don’t you see what Ghana has done. And that is why I say, it is by the grace of God.”
“In my own imagination, I thought that we would need about two years to begin to see a turnaround, that is what I thought, but Ebenezer, this is how far God has brought us,” he said.
Also, Dr Adrian Alter, the IMF Resident Representative in Ghana, has praised the managers of the country’s economy.
According to the IMF Resident Representative, Ghana in 2025 performed better than expected.
Speaking on Joy News’ PM Express Business Edition on Thursday, Dr Adrian Alter stressed that Ghana’s IMF programme is solid and on track.
He explained, “Ghana’s programme remains solid and on track with the fifth review being completed, and disbursement being done at the end of December”.
“All indicative and performance criteria targets have been met,” he said. “And most of the reform agenda has been concluded and implemented.”
He pointed to decisive actions, saying, “The authorities implemented strong corrective actions in the aftermath of the 2024 fiscal slippages,” he said, adding that “the 2025 macroeconomic outcomes have been better than expected.”
“Inflation came down faster than expected,” he said. “Growth exceeded expectations. Reserves have improved. The currency appreciated and stabilised.”
“There are many, many macroeconomic indicators that perform very well at the same time,” Dr Alter noted.