The Government of Ghana has officially announced the successful conclusion of its Extended Credit Facility (ECF) programme with the International Monetary Fund, marking what it describes as the end of the country’s financial bailout relationship with the Fund.
In a statement issued by the Jubilee House and shared by Cassiel Ato Forson, the government said Ghana would now transition from the IMF-supported financing programme to a non-financing Policy Coordination Instrument (PCI), aimed at sustaining reforms and strengthening investor confidence.
According to the statement, the successful completion of the programme signifies the restoration of macroeconomic stability and debt sustainability ahead of schedule.
The government attributed the turnaround to what it described as decisive interventions by the administration of John Dramani Mahama after the IMF programme reportedly derailed at the end of 2024.
It explained that authorities implemented “frontloaded fiscal consolidation, bold expenditure rationalisation, and strong structural reforms” to bring the programme back on course.
The statement noted that the measures had produced significant improvements in key economic indicators, including a reduction in inflation, appreciation of the cedi, declining public debt-to-GDP ratio, and stronger economic growth.
Government further disclosed that Ghana’s sovereign credit ratings had improved from restricted default status to a “B” rating with a positive outlook, representing what it called five levels of rating upgrades.
According to the statement, the improved ratings reflected stronger fiscal performance, improved creditor relations, enhanced external reserves and renewed investor confidence in the economy.
It also revealed that Ghana’s gross international reserves had climbed to approximately US$14.5 billion by February 2026, equivalent to nearly six months of import cover.
The government said the reserve accumulation had strengthened the country’s capacity to withstand external economic shocks without relying on emergency financial support.
Despite exiting the bailout programme, Ghana will continue engaging the IMF under the Policy Coordination Instrument framework.
The statement clarified that the PCI is not a financial bailout arrangement, but rather a technical assistance mechanism designed to support economic reforms, strengthen policy credibility and help attract financing from private investors and development partners.
Government believes the new arrangement would support Ghana’s quest to attain investment grade status on the international financial market.
According to the statement, attaining investment grade would significantly reduce borrowing costs for both government and the private sector, while attracting long-term institutional investors and increasing foreign direct investment.
The statement added that the PCI arrangement would also help unlock cheaper financing for infrastructure development and support private sector growth, job creation and improved living standards.
Government expressed gratitude to Ghanaians for what it described as their sacrifices and resilience throughout the IMF programme period.
It also thanked bilateral creditors, the Official Creditor Committee and both domestic and external investors for supporting Ghana’s economic recovery efforts.
President John Dramani Mahama, the statement concluded, remains committed to prudent economic management, fiscal discipline, good governance and creating a favourable climate for domestic and foreign investment.
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