Secretary General of the Ghana Federation of Labour, Abraham Koomson, has cautioned the government against making definitive claims that Ghana will never return to the International Monetary Fund for financial support.

According to him, Ghana’s economy remains vulnerable to global commodity price shocks and structural economic challenges, making it difficult for any administration to guarantee permanent independence from IMF assistance.

His comments follow the Government of Ghana’s announcement of the successful completion of its Extended Credit Facility (ECF) programme with the IMF.

In a statement issued on Friday, May 15, 2026, the government described the development as a major milestone reflecting the restoration of macroeconomic stability and debt sustainability ahead of schedule.

The government explained that after the IMF programme suffered setbacks at the end of 2024, the administration of President John Dramani Mahama implemented aggressive fiscal consolidation measures, expenditure rationalisation and structural reforms in 2025 to restore economic confidence.

Following the completion of the $3 billion ECF programme, Ghana has transitioned to a non-financing Policy Coordination Instrument (PCI), which government officials say will maintain IMF policy oversight while boosting investor confidence.

Despite the progress, economic analysts have continued to raise concerns about Ghana’s exposure to external shocks, particularly fluctuations in global prices of cocoa, oil and gold.

Analysts also note that although the country has undertaken debt restructuring measures, Ghana still faces significant debt servicing obligations that continue to constrain fiscal space for development.

Speaking on Ahotor FM on Saturday, May 16, Mr. Koomson said it would be premature for anyone to completely rule out the possibility of Ghana seeking IMF support again in the future.

“Things are not yet stable enough for anybody to confidently say Ghana will never go to the IMF again,” he stated.

He argued that Ghana’s economy is still recovering from what he described as the damaging impact of the previous New Patriotic Party administration on the country’s finances over the past eight years.

Mr. Koomson stressed that Ghana could only confidently avoid future IMF programmes if the country becomes more self-sufficient, particularly in food production and other key productive sectors of the economy.

He further warned that making absolute promises about avoiding future IMF assistance could become problematic if economic conditions deteriorate unexpectedly.

According to him, achieving genuine financial independence would require long-term structural reforms and sustained economic discipline.