The Government of Ghana has announced the successful completion of its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), marking what officials describe as the end of the country’s financial bailout relationship with the Fund.
In a statement issued on Friday by the Presidency Communications Office, the government said Ghana would now transition to a non-financing Policy Coordination Instrument (PCI), a technical assistance programme designed to support economic reforms without direct financial support.
According to the statement, the conclusion of the IMF programme represents the restoration of macroeconomic stability and debt sustainability ahead of schedule.
The government credited the turnaround to measures introduced after the IMF programme reportedly went off track at the end of 2024. It said the administration of President John Mahama implemented “frontloaded fiscal consolidation, bold expenditure rationalisation, and strong structural reforms” to restore confidence in the economy.
Officials stated that the reforms had produced significant gains, including a sharp decline in inflation, a stronger Ghana cedi, improved economic growth and reduced public debt relative to Gross Domestic Product (GDP).
The statement also noted that Ghana’s sovereign credit ratings had improved from restricted default status to a “B” rating with a positive outlook, representing what it described as five levels of ratings upgrades.
Government further announced that gross international reserves had risen to approximately US$14.5 billion as of February 2026, equivalent to nearly six 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 said.
The new Policy Coordination Instrument with the IMF, government explained, would focus on technical assistance and policy coordination rather than direct financial support.
Authorities said the PCI would help Ghana implement economic reforms, strengthen investor confidence and attract financing from private investors and development partners.
“For the avoidance of doubt, the PCI does not provide financial bailout,” the statement stressed, adding that the arrangement would instead support capacity development and improve market confidence.
Government believes the new engagement with the IMF will support efforts to achieve investment-grade status, lower borrowing costs, attract long-term investors and stimulate private-sector growth.
The statement also expressed gratitude to Ghanaians, bilateral creditors, the Official Creditor Committee and both domestic and external investors for their support and sacrifices during the reform period.
President Mahama’s administration reaffirmed its commitment to fiscal discipline, prudent economic management and creating an attractive environment for domestic and international investment.
The statement was signed by Presidential Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu.
