IEA Senior Fellow Dr. Vladimir Antwi-Danso advises President Mahama to implement bold economic reforms and avoid another IMF bailout, citing election-year overspending as a key issue.
A Senior Fellow at the Institute of Economic Affairs (IEA), Dr. Vladimir Antwi-Danso, has urged President John Dramani Mahama to take bold and corrective actions to prevent Ghana from returning to the International Monetary Fund (IMF) after the current programme ends.
Ghana is currently under its 17th engagement with the IMF, and according to Dr. Antwi-Danso, this repeated reliance is due to irresponsible government spending, especially during election years. Dr. Antwi-Danso stated that Ghana’s economic challenges are often made worse by excessive spending in election seasons, which is not aligned with long-term growth.
“This is the 17th IMF programme, and there’s no indication it will be the last. If President Mahama wants to build a lasting legacy, he must take action now to end this cycle,” he said.
He emphasized that much of the government’s borrowing goes into consumption rather than investment, making the country more vulnerable to external shocks and debt crises. According to the IEA Fellow, Ghana’s borrowing practices often do not generate any meaningful economic returns.
“We borrow to consume, not to build. Election year spending is reckless and doesn’t help the country grow,” he added.
Dr. Antwi-Danso called on the Mahama administration to enforce strict fiscal discipline and implement structural reforms to strengthen economic governance. These reforms, he noted, are essential to ensure macroeconomic stability, reduce dependence on international support, and secure the country’s financial future. Ghana is currently implementing a $3 billion IMF-supported programme aimed at restoring economic stability and achieving debt sustainability. The programme is scheduled to end next year.
However, experts including Daniel Kwadwo Owusu, Country Managing Partner at Deloitte Ghana, have suggested that the programme be extended by an additional one or two years to consolidate economic gains.
As Ghana approaches the end of its current IMF deal, voices like Dr. Antwi-Danso’s highlight the urgent need for fiscal responsibility and long-term economic planning. The actions taken now could determine whether the country breaks free from its cycle of IMF dependence—or falls back into it once again.