Here we go again, more incompetence – Steve Hanke on Mahama’s plan to renegotiate IMF deal

Steve Hanke, an American economist and professor of applied economics at the Johns Hopkins University, has described plans by President-elect John Dramani Mahama to renegotiate the deal between Ghana and the International Monetary Fund (IMF) as a mark of incompetence.

Following his victory in the 2024 general elections, Mr Mahama pledged to review Ghana’s existing agreements with development partners to align with the country’s current needs and aspirations.

Speaking during a courtesy call by the United Nations Resident Coordinator, Charles Abani, Mr Mahama emphasised the importance of creating partnerships that reflected the realities of today and the vision of his incoming government.

“This adjustment is crucial and will help put the new government that would be inaugurated next year on the same springboard with our development partners to begin the rebuilding of the economy and the country,” Mr Mahama stated.

He added “Looking at the existing programmes we need to tweak them to meet the realities of today. I believe we have had discussions with the World Bank and the IMF already and we look to an early engagement so that we can continue to be on the wavelength.

“Of course in the campaign, several promises were made, we need to look at what the reality is in terms of sitting together and seeing what the way forward is.

“Of course one of our main concerns is the issue of the debt repayments, we need to see how we can smooth them so that we don’t default again which will be more catastrophic than that currently defaulting,” he said.

Reacting to this on his X page, Prof Steve Hanke said “GhanaWatch: President-elect Mahama wants to renegotiate Ghana’s IMF deal for ‘radical changes’ to smooth loan payments.

Here we go again. More Ghanaian incompetence.”

 

 

 

#GhanaWatch: President-elect Mahama wants to renegotiate Ghana’s IMF deal for “RADICAL CHANGES” to smooth loan payments.

HERE WE GO AGAIN.

More Ghanaian INCOMPETENCE. pic.twitter.com/9Dx3UQudyV

— Steve Hanke (@steve_hanke) December 26, 2024

The post Here we go again, more incompetence – Steve Hanke on Mahama’s plan to renegotiate IMF deal first appeared on 3News.

Read Full Story