The Government of Ghana has announced the successful completion of its Extended Credit Facility (ECF) arrangement with the International Monetary Fund (IMF), describing it as a major milestone in the country’s economic recovery and the restoration of macroeconomic stability and debt sustainability.
According to a statement issued by the Minister for Information, Felix Kwakye Ofosu, the achievement comes ahead of the original timeline and follows what the government describes as decisive corrective measures taken in 2025 after challenges that disrupted the programme at the end of 2024.
The statement noted that the administration of President John Mahama implemented a combination of frontloaded fiscal consolidation, expenditure rationalisation, and structural reforms to get the programme back on track.
These interventions, it said, have yielded significant improvements, including a marked decline in inflation, a stronger performance of the cedi, reduced public debt as a share of GDP, and a rebound in economic growth.
It further highlighted an improvement in Ghana’s sovereign credit rating from “restricted default (junk status)” to “B” with a positive outlook—representing multiple upgrades and reflecting stronger fiscal discipline, improved external buffers, and renewed investor confidence.
The government also reported that gross international reserves have increased to about US$14.5 billion as of February 2026, providing nearly six months of import cover. It described this as a strong buffer to help the economy withstand external shocks.
The statement added that this development effectively marks the end of Ghana’s financial bailout relationship with the IMF under the ECF programme. Government expressed appreciation to citizens for their sacrifices and resilience during the adjustment period.
Going forward, Ghana will engage the IMF under a Policy Coordination Instrument (PCI), a non-financing framework aimed at supporting policy implementation, signalling reform commitment, and attracting investor and development partner confidence.
The announcement follows a recent visit by an IMF staff team led by Ruben Atoyan from April 29 to May 15, 2026, during which discussions were held on the 2026 Article IV consultation, the sixth and final ECF review, and Ghana’s request for the PCI. The team also met key government officials and stakeholders.
