Ghana has officially exited its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), marking what government describes as a major economic turnaround driven by fiscal discipline and policy reforms.
In a statement issued by Presidential Spokesman and Minister of State in charge of Government Communications, Mr. Felix Kwakye Ofosu, the government said the successful exit came after it took urgent measures in 2025 to stabilise an IMF programme that had gone off track at the end of 2024.
According to the statement, the administration of President John Dramani Mahama implemented aggressive fiscal consolidation measures, cut expenditure, and introduced structural reforms that helped restore macroeconomic stability and improve debt sustainability earlier than expected.
Government credited bilateral creditors, the Official Creditor Committee (OCC), domestic bondholders, and external investors for supporting Ghana throughout the programme period.
The statement highlighted key economic improvements recorded during the programme, including a significant drop in inflation, a stronger cedi, reduced public debt-to-GDP ratio, and a sharp rebound in economic growth.
It added that Ghana’s gross international reserves hit a record high of about $14.5 billion as of February 2026, providing nearly six months of import cover.
Government also noted that Ghana’s sovereign credit ratings have improved from restricted default status to a “B” rating with a positive outlook—representing five levels of upgrades.
Following the programme exit, Ghana will now engage the IMF under a Policy Coordination Instrument (PCI), a non-financial arrangement designed to provide technical support while helping the country maintain policy credibility.
Unlike the previous bailout programme, the PCI does not involve direct financial support but is expected to strengthen investor confidence, lower borrowing costs, attract foreign direct investment, and support long-term economic growth.
