Government has announced the successful conclusion of Ghana’s Extended Credit Facility programme with the International Monetary Fund, marking the country’s planned transition away from a financial bailout arrangement.
Although the programme has ended, government says Ghana will now move into a non-financing policy support framework with the IMF aimed at sustaining economic reforms and strengthening investor confidence.
According to government, the conclusion of the programme reflects the restoration of macroeconomic stability and significant progress toward debt sustainability ahead of the original programme timeline.
In a statement issued by Presidential Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu, government attributed the turnaround to a series of aggressive fiscal and structural reforms implemented after the programme experienced setbacks at the end of 2024.
The statement explained that the administration of President John Dramani Mahama introduced frontloaded fiscal consolidation measures, expenditure rationalisation policies, and broader structural reforms aimed at restoring economic confidence and stabilising the economy.
Government says the reforms have resulted in measurable improvements across several key economic indicators, including declining inflation, a stronger cedi, improved debt sustainability, and stronger economic growth.
According to the statement, Ghana’s sovereign credit ratings have also 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 dollars by February 2026, representing nearly six months of import cover and strengthening the country’s resilience against external economic shocks.
Following the completion of the bailout programme, Ghana is expected to engage the IMF under a Policy Coordination Instrument, commonly referred to as a 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.
Officials say the PCI framework is expected to support Ghana’s long-term ambition of attaining investment-grade status over the medium term.
