The Government of Ghana has announced the successful conclusion of its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF).
The development marks the country’s transition away from a financial bailout arrangement, although Ghana will now continue its engagement with the IMF under a non-financing Policy Coordination Instrument (PCI).
According to the government, the completion of the programme reflects restored macroeconomic stability and significant progress toward debt sustainability ahead of the original timeline.
A statement issued by Presidential Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu, said the turnaround was achieved through a series of fiscal and structural reforms introduced after challenges experienced at the end of 2024.
The statement explained that the administration of President John Dramani Mahama implemented frontloaded fiscal consolidation measures, expenditure rationalisation, and structural reforms aimed at restoring investor confidence and stabilising the economy.
Government further indicated that these reforms have resulted in improvements across key economic indicators, including easing inflation, a stronger cedi, enhanced debt sustainability, and improved growth performance.
It also noted that Ghana’s sovereign credit rating has improved from restricted default status to a “B” rating with a positive outlook, reflecting stronger fiscal performance, improved external buffers, and renewed market confidence.
In addition, Ghana’s gross international reserves rose to approximately US$14.5 billion by February 2026, representing nearly six months of import cover. This, the government said, strengthens the country’s resilience to external shocks.
Following the conclusion of the ECF programme, Ghana will now engage the IMF under the Policy Coordination Instrument (PCI).
The government explained that unlike the ECF, the PCI is a non-financing arrangement that provides technical assistance, policy guidance, and support to strengthen credibility and sustain economic reforms without direct financial disbursement.
