Ghana’s President, John Dramani Mahama, has ruled out an immediate extension of the country’s $3 billion Extended Credit Facility (ECF) with the International Monetary Fund (IMF). In an interview with Bloomberg TV at the Munich Security Conference, President Mahama clarified that while the option for future extensions remains open, his administration is focused on ensuring the success of the current program.

The ECF, approved in May 2023, aims to stabilize Ghana’s economy over a three-year period, with discussions with the IMF centered on tax reforms, debt management, and fiscal discipline.