The Government of Ghana has announced the successful conclusion of its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), marking the end of the country’s financial bailout arrangement with the Fund.
According to the government, the development signifies the restoration of macroeconomic stability and debt sustainability ahead of schedule following a series of fiscal and structural reforms implemented by the administration of President John Dramani Mahama.
In a statement issued on Friday, May 15, government said the IMF programme, which had reportedly gone off track by the end of 2024, was recalibrated in 2025 through aggressive fiscal consolidation measures, expenditure rationalisation and reforms aimed at stabilising the economy.
It noted that the interventions have produced significant results, including a reduction in inflation, a stronger Ghana cedi, declining public debt levels and improved economic growth.
“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.
“These efforts have delivered tangible results: inflation has reduced significantly, the cedi has strengthened markedly, public debt as a share of GDP has declined sharply, and economic growth has rebounded strongly,” the statement noted.
Government further disclosed that Ghana’s sovereign credit ratings have improved from restricted default status to a “B” rating with a positive outlook, representing five levels of upgrades.
According to the statement, Ghana’s gross international reserves also reached an all-time high of approximately US$14.5 billion by February 2026, providing nearly six months of import cover.
The government said the improved reserve position gives Ghana greater capacity to withstand external economic shocks without relying on financial bailout support.
Following the conclusion of the ECF programme, Ghana will now engage the IMF under a Policy Coordination Instrument (PCI), which government described as a non-financing technical assistance arrangement.
“The Government also expresses deep gratitude to its bilateral creditors, the Official Creditor Committee (OCC) and external and domestic investors for their collective sacrifice.
“Going forward, Ghana will engage with the IMF Policy Coordination Instrument (PCI),” the statement added.
Under the PCI, the IMF will provide policy guidance, capacity development and support for economic reforms without offering direct financial bailout funding.
Government explained that the arrangement is expected to boost investor confidence, attract private capital and support Ghana’s efforts to achieve investment-grade credit ratings.
According to the statement, attaining investment-grade status would lower borrowing costs, attract long-term investments and unlock cheaper financing for infrastructure development and private sector growth.
The government expressed gratitude to Ghanaians, bilateral creditors, investors and development partners for their support and sacrifices throughout the IMF programme period.
It also reaffirmed its commitment to prudent economic management, fiscal discipline and creating an enabling environment for both domestic and foreign investment.
Read full statement below
