Ghana is taking steps to exit its International Monetary Fund (IMF) programme, a move government officials say will unlock funding for delayed infrastructure projects across the country. Education Minister Haruna Iddrisu disclosed that preparations are underway for Ghana to leave the programme before the end of 2026, with optimism that the exit could happen as early as August this year.
Speaking during a visit to the construction site of the University of Engineering and Agricultural Sciences at Bunso in the Eastern Region, the minister explained that the IMF programme and the associated debt exchange exercise significantly constrained government spending. As a result, several major projects, including the Bunso university, were forced to slow down or halt entirely.
According to Mr Iddrisu, construction of the university, which began in 2022, stalled after the debt restructuring programme disrupted payments to contractors. He acknowledged that the exercise caused long-term damage to the economy, affecting the timely execution of critical infrastructure projects.
Out of the $90 million committed to the university project, $28.6 million remains unpaid, including $9.8 million owed by the Ministry of Finance.
Despite these setbacks, the Education Minister expressed confidence that outstanding obligations will be settled once Ghana exits the IMF programme. He revealed that the Finance Minister has assured government that concessionary financing from South Korea remains one of the most favourable funding options available to the country.
Mr Iddrisu also announced that President John Dramani Mahama is expected to visit South Korea later this year, where discussions will be held to secure additional financing to expand the university project. He noted that the government intends to scale up the project to accommodate higher student numbers and enhance its impact on national development.
