9 weeks after IMF exit, gov't is back for $1bn in loans - Oppong Nkrumah questions fiscal strategy

Kojo Oppong Nkrumah, Ranking Member on Parliament's Economy and Development Committee, questioned the government's fiscal strategy barely nine weeks after Ghana exited the International Monetary Fund (IMF) Extended Credit Facility (ECF) programme. He argued that the Mahama administration is back in Parliament seeking approval for almost $1 billion in fresh loans. He opened his remarks with the French expression, "Plus ça change, plus c'est la même chose"-meaning "the more things change, the more they remain the same"-to argue that despite government's declaration of a successful IMF programme exit, the country's dependence on external borrowing appears to be continuing.

The Ofoase-Ayirebi MP stated that the latest borrowing requests raise concerns about the government's domestic revenue mobilisation efforts and the country's long-term debt sustainability. He urged the House not to assess each loan in isolation but to consider the cumulative borrowing taking place within a short period after the IMF programme ended. He recalled that on May 15, 2026, the government announced Ghana's successful exit from the IMF ECF programme. The package includes about $300 million for the education sector, $500 million for road infrastructure, roughly $22 million for the Ministry of Finance, in addition to net borrowing of about $180 million already captured in the 2026 Budget.