The Government of Ghana has announced the successful completion of its Extended Credit Facility (ECF) bailout programme with the International Monetary Fund (IMF), describing the development as a major step toward restoring macroeconomic stability and debt sustainability.
In a statement issued by the Minister for Information, Felix Kwakye Fosu, the government said the programme had been brought back on track after experiencing setbacks at the end of 2024.
According to the statement, the administration of President John Mahama implemented aggressive fiscal consolidation measures, expenditure rationalisation, and structural reforms in 2025 to stabilise the economy and restore confidence.
Government says the measures have produced significant economic improvements, including a sharp decline in inflation, a stronger cedi, reduced public debt-to-GDP ratio, and a rebound in economic growth.
The statement further noted that Ghana’s sovereign credit ratings had improved from restricted default status to a ‘B’ rating with a positive outlook, representing five rating-level upgrades. The improvement was attributed to stronger fiscal performance, improved relations with creditors, increased external reserves, and renewed investor confidence.
According to the government, Ghana’s gross international reserves reached an estimated US$14.5 billion by February 2026, providing nearly six months of import cover and strengthening the country’s ability to withstand external economic shocks.
The government described the development as marking the end of Ghana’s financial bailout relationship with the IMF and expressed gratitude to Ghanaians for their resilience and sacrifices throughout the economic recovery period.
Moving forward, Ghana is expected to transition to the IMF’s Policy Coordination Instrument (PCI), a non-financing arrangement designed to support economic reforms and enhance investor confidence without direct financial assistance.
Government reaffirmed its commitment to prudent economic management, fiscal discipline, good governance, and creating a favourable environment for local and foreign investment.
The announcement follows a visit by an IMF staff team led by Ruben Atoyan from April 29 to May 15, 2026, to assess Ghana’s sixth and final review under the ECF programme, conduct the 2026 Article IV consultation, and discuss the country’s request for the PCI arrangement.