The International Monetary Fund (IMF) Executive Board has approved the final review of Ghana’s US$3 billion Extended Credit Facility (ECF) programme, marking the successful completion of the country’s three-year bailout arrangement.
The programme, which began in May 2023 following Ghana’s worst economic crisis in decades in 2022, has now concluded, with the approval unlocking a final disbursement of about US$371 million to the Bank of Ghana.
The latest release brings total disbursements under the IMF-supported programme to US$3 billion, according to the government.
In a statement, the government said the completion of the programme demonstrates the progress Ghana has made in restoring economic stability through a series of reforms.
“Government has maintained fiscal discipline, reduced inflation, strengthened external buffers, and implemented key reforms that have laid the foundation for sustained economic growth,” the statement said.
The government added that the end of the ECF programme signals the beginning of a new chapter in Ghana’s relationship with the IMF.
Ghana is expected to transition into a 36-month Policy Coordination Instrument (PCI), a non-financing arrangement aimed at supporting ongoing reforms and maintaining confidence in the country’s economic policies.
“Ghana will begin a new phase of engagement with the IMF through a 36-month, non-bailout Policy Coordination Instrument (PCI),” government stated, explaining that the arrangement will help sustain the gains achieved under the bailout programme.
Government also expressed gratitude to Ghanaians for their “resilience, patience, and unwavering support” throughout the implementation of the reforms.
It further acknowledged the role of the IMF, development partners, civil society, and the private sector in supporting Ghana’s economic recovery efforts.
The government pledged to protect the gains made so far and continue implementing reforms aimed at building “a stronger, more resilient, and more prosperous economy for all Ghanaians.”
