The Government of Ghana has announced the successful conclusion of its Extended Credit Facility (ECF) financial bailout programme with the International Monetary Fund.
Accordingly, this milestone represents the restoration of macroeconomic stability and debt sustainability, well ahead of the original timeline.
“Following the derailment of the IMF financial bailout programme at the end of 2024, the government of President John Mahama in 2025 acted decisively to bring it back on track and to recalibrate it by implementing a frontloaded fiscal consolidation, bold expenditure rationalisation, and strong structural reforms”, a statement from Felix Kwakye Fosu, Minister for Information stated.
The statement explained that these efforts have delivered tangible results as inflation has reduced significantly, the cedi has strengthened markedly, public debt as a share of Gross Domestic Product (GDP) has declined sharply, and economic growth has rebounded strongly.
Furthermore, the statement said Ghana’s sovereign credit ratings have improved significantly from restricted default (Junk Status) to ‘B’ with a positive outlook, representing five distinct rating levels upgrades.
This reflected improved fiscal performance, normalised creditor relations, stronger external buffers, and renewed market confidence.
It added that Ghana’s gross international reserves have risen to an all-time high, reaching approximately US$14.5 billion by February 2026, almost 6-months of import cover. “These foreign exchange reserve buffers provide Ghana with the capacity to withstand external shocks and stand on its own feet”.
The statement alluded that this announcement marks the definitive end of Ghana’s financial bailout relationship with the IMF.
Therefore, the government is exceedingly grateful to the people of Ghana for their sacrifices, resilience and forbearance.
Going forward, the statement stated that Ghana will engage with the IMF Policy Coordination Instrument (PCI). The PCI is a form of Technical Assistance engagement with the IMF. It is a non-financing instrument designed to help countries implement economic reforms, signal commitment to policies, and unlock financing from private investors and other development partners.
The statement concluded that President John Mahama and his administration remain fully committed to good governance, prudent economic management, fiscal discipline, and creating an attractive environment for both domestic and international investment.
The statement follows a visit by an IMF staff team, led by Ruben Atoyan from April 29 to May 15, 2026, to discuss the 2026 Article IV consultation, the sixth and final review of the Extended Credit Facility (ECF), and the government request for a non-financing Policy Coordination Instrument (PCI).
The team met with senior officials and a broad range of stakeholders.
