Ghana has successfully completed its three-year $3 billion bailout programme with the International Monetary Fund (IMF) after the Fund’s Executive Board approved the final review of the Extended Credit Facility (ECF).
The approval clears the way for the release of a final disbursement of approximately $371 million, bringing total support received under the programme to about $3 billion.
The Ministry of Finance announced the development on Monday, describing it as the successful conclusion of the IMF-backed programme launched in May 2023 in response to Ghana’s 2022 economic crisis.
According to the Ministry, the final tranche will support Ghana’s balance of payments while marking the end of one of the country’s most significant economic recovery programmes in recent years.
Government attributed the successful completion of the programme to improvements in macroeconomic stability, including stronger fiscal discipline, declining inflation, improved external reserves and the implementation of wide-ranging structural reforms.
With the Extended Credit Facility now completed, Ghana will transition to a new phase of engagement with the IMF through a 36-month Policy Coordination Instrument (PCI).
Unlike the ECF, the PCI will not provide direct financial support but is intended to help the government maintain reform momentum, strengthen policy implementation and reinforce investor confidence in the economy.
The Ministry of Finance expressed appreciation to the IMF Executive Board, management and staff, as well as development partners, civil society, the private sector and the Ghanaian public for supporting the country’s economic recovery efforts.
It also reaffirmed the government’s commitment to safeguarding the gains achieved under the programme by pursuing reforms aimed at building a stronger, more resilient and more prosperous economy.
The conclusion of the IMF programme marks a significant milestone in Ghana’s economic recovery strategy as the government shifts its focus from financial assistance to sustaining macroeconomic stability through continued policy reforms.
