Ghana's president-elect John Dramani Mahama has announced his intention to review the $3 billion loan from the International Monetary Fund (IMF) secured by the current administration. In an exclusive interview with Reuters, Mahama revealed that he plans to renegotiate the loan without doing away with it, with the goal of making adjustments to suit the country's economic reality.

Mahama's decision to review the IMF loan comes as Ghana's economy is experiencing its fastest growth since 2019, with a 7.2% increase in Gross Domestic Product (GDP) in the three months leading up to September. Despite this growth, the president-elect acknowledges that the country's economic situation remains dire and requires further effort to alleviate the financial crisis.

The IMF loan, approved in May, offered a way out of the worst economic crisis Ghana has experienced in a generation, allowing for the immediate payment of almost $600 million. However, Mahama has expressed concerns about the "multiplicity of taxes" agreed upon as part of the IMF program, which he believes have made Ghana "unpleasant for business." He also criticized the government for not doing enough to cut wasteful expenditures, stating that "if the president is asking us to tighten our belt, he must also tighten his."

In addition to reviewing the IMF loan, Mahama has pledged to address inflation and currency devaluation in order to alleviate West Africa's cost-of-living issue. His administration's focus on economic development is crucial, given the country's recent economic downturn and the need for sustainable growth.

The IMF loan review is a significant development in Ghana's economic landscape, and its outcome will have far-reaching implications for the country's financial future. As Mahama takes office, his administration's ability to navigate the complexities of the IMF loan and implement effective economic policies will be closely watched by investors, businesses, and citizens alike.

The success of Mahama's economic agenda will depend on his ability to strike a balance between addressing the country's financial crisis and promoting sustainable growth. With Ghana's economy still recovering from a period of significant downturn, the president-elect's commitment to reviewing the IMF loan and addressing the country's economic challenges is a crucial step towards securing a brighter economic future for Ghanaians.