Education Minister Haruna Iddrisu has revealed that Ghana is preparing to exit its International Monetary Fund (IMF) programme before the end of the 2026.
He was speaking during a visit to the construction site of the University of Engineering and Agricultural Sciences at Bunso in the Eastern Region.
“We are just preparing to walk out of the IMF programme. Before the end of August or by the close of this year, we should be out,” the minister said.
He explained that exiting the IMF programme would enable the government to meet outstanding financial obligations, particularly on stalled infrastructure projects that were affected by Ghana’s debt exchange programme.
According to the minister, work on the University of Engineering and Agricultural Sciences, which started in 2022, was stalled as a direct consequence of the debt restructuring exercise, which constrained government spending and delayed payments to contractors.
“There is no doubt that the debt exchange programme caused long-term damage to the economy and affected the effective completion of projects like this,” he noted.
Haruna Iddrisu disclosed that of the $90 million committed by the government for the project, $28.6 million remains outstanding, including $9.8 million owed by the Ministry of Finance.
However, he expressed confidence that the outstanding payments will be honoured as Ghana transitions out of the IMF programme, citing assurances from the Finance Minister that concessionary financing from South Korea remains among the most favourable available to the country.
Mr Iddrisu also revealed that President John Dramani Mahama is expected to visit South Korea later this year, where additional financing to expand the university project will be pursued.
“With certainty, the President will ask for additional financing to escalate this project so we can get better numbers,” he said.
About the Author
