Finance Minister Dr. Cassiel Ato Forson has announced that the Executive Board of the International Monetary Fund (IMF) is expected to approve the final review of Ghana’s Extended Credit Facility (ECF) Programme next week, marking the successful completion of the country’s financial bailout programme.
Presenting the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, Dr. Forson said the anticipated approval would bring Ghana’s IMF-supported programme to a close after three years of economic reforms.
He disclosed that the IMF Executive Board is also expected to approve a 36-month Policy Coordination Instrument (PCI), a non-financing arrangement designed for countries that no longer face, or are not expected to face, balance of payments challenges.
According to the Finance Minister, the new PCI will serve as the framework for the next phase of Ghana’s economic reforms, helping to strengthen macroeconomic resilience, promote broad-based economic growth and reinforce fiscal discipline.
“The Executive Board is also expected to approve a 36-month Policy Coordination Instrument (PCI), a non-financing arrangement designed for countries that no longer have and are not expected to face balance of payment needs,” Dr. Forson told Parliament.
He said the programme would signal Ghana’s unwavering commitment to sound and disciplined macroeconomic policies while supporting the country’s efforts to sustain economic stability beyond the IMF bailout.
The Minister said the PCI will support reforms across six priority areas;
- To maintain growth-friendly fiscal consolidation
- To preserve debt sustainability
- To strengthen fiscal transparency and governance
- To enhance monetary and exchange rate policy framework
- To reinforce financial sector stability
- To promote economic diversity and inclusive growth
Ghana announced the successful conclusion of its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF) on Friday, May 15, 2026.
This marks 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.
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.
