The Government of Ghana has announced the successful conclusion of the country’s Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF).
Although the development signals Ghana’s planned transition away from a financial bailout arrangement, the country will now operate under a non-financing policy support framework.
According to government, the conclusion reflects the restoration of macroeconomic stability and progress towards debt sustainability ahead of the original programme timeline.
In a statement issued by Presidential Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu, the government said the turnaround follows a series of fiscal and structural reforms implemented after the programme faced setbacks at the end of 2024.
The statement noted that the administration of John Dramani Mahama introduced frontloaded fiscal consolidation measures, expenditure rationalisation, and broader structural reforms aimed at restoring economic confidence and stabilising the economy.
Government says the reforms have produced measurable gains across key economic indicators, including declining inflation, a stronger cedi, improved debt sustainability, and stronger economic growth. It also stated that Ghana’s sovereign credit ratings have improved significantly from restricted default status to a “B” rating with a positive outlook, reflecting improved fiscal performance, stronger external reserves, and renewed investor confidence.
Government further disclosed that Ghana’s gross international reserves reached approximately 14.5 billion US dollars by February 2026, representing nearly six months of import cover and strengthening the country’s ability to withstand external economic shocks.
Following the completion of the bailout programme, Ghana will now engage the IMF through a Policy Coordination Instrument (PCI).
Government explained that unlike the Extended Credit Facility, the PCI is a non-financing arrangement designed to provide technical assistance, policy coordination, and market confidence support without direct financial disbursement from the IMF.
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