Founding President of IMANI Africa, Franklin Cudjoe, has praised what he describes as Ghana’s “fastest economic recovery in history” under what he refers to as a “version 2.0 of the Mahama-led government,” attributing recent macroeconomic improvements to improved fiscal management and post-IMF policy discipline.
In a detailed commentary, the policy analyst argued that the current administration has overseen significant economic stabilisation following what he described as earlier periods of fiscal mismanagement.
He stated that the recovery has been achieved “after the most regressive, self-immolating policies of waste, mismanagement, and plunder the country has ever seen.”
Among the key achievements he listed were Ghana’s exit from the IMF programme, a sharp decline in inflation, a stronger cedi, improved international reserves, and a reduction in debt levels.
According to him, there has been “the quickest debt reduction from 65% to 45% of GDP in just one year.”
Franklin Cudjoe further praised the economic management team, particularly Finance Minister Dr. Cassiel Ato Forson, saying the team “carefully choreographed how to work with the IMF programme they inherited, even though it was badly bruised, broken, and moribund.”
He also referenced past economic challenges, arguing that earlier governments failed to meet IMF commitments, stating that previous administrations “missed almost 70% of the structural benchmarks they had promised the IMF by the end of 2019.”
On Ghana’s current IMF engagement, the think tank boss explained that the country has transitioned from the Extended Credit Facility programme to a Policy Coordination Instrument (PCI), which he described as a “non-financial advisory and monitoring tool provided by the IMF.”
He said the arrangement represents “a commitment never to return to the IMF after three and a half years,” adding that the government is seeking to maintain credibility with international investors while strengthening domestic economic discipline.
Franklin Cudjoe also noted that the PCI framework would help Ghana mobilise investment for job creation while preventing fiscal excesses, arguing that it would ensure government “does not splurge and waste resources, as has usually been the case with governments that exit IMF programmes.”
He further emphasised the need for reforms in State-Owned Enterprises (SOEs), stating that many of them are inefficient and costly to the state.
According to him, SOEs “cost governments approximately $2 billion annually,” adding that “quite a number of SOEs must be axed outright, others merged, and still others injected with independent, world-class management.”
Franklin Cudjoe further praised what he described as improved governance discipline, stating that Ghana’s current economic stability follows “the races with death we experienced prior to 2025,” and called for continued fiscal restraint to sustain the gains made.
