Ghana is poised to formally conclude its three-year economic recovery programme with the International Monetary Fund (IMF), as the Fund’s Executive Board considers the country’s sixth and final review under the Extended Credit Facility (ECF).
Approval of the review is expected to trigger a final disbursement of about US$318 million to Ghana.
The IMF Board is also expected to consider Ghana’s request for a 36-month Policy Coordination Instrument (PCI), which will guide the country’s economic policies after the completion of the bailout programme.
Unlike the ECF, the PCI does not come with direct financial support. Instead, it provides a framework for continued policy engagement with the IMF and is intended to reinforce Ghana’s commitment to economic reforms.
The arrangement is expected to support efforts to maintain macroeconomic stability, strengthen resilience to external shocks and address structural weaknesses in the economy.
The Board meeting follows a staff-level agreement reached after an IMF mission to Accra earlier this year.
Government is understood to have completed key quantitative and structural requirements ahead of the Board’s consideration, including actions related to the recapitalisation and governance reforms of UMB Bank and Prudential Bank.
The approval of the review would bring Ghana’s 36-month ECF arrangement to a formal close.
The country entered the programme in May 2023 with access to approximately US$3 billion, aimed at restoring macroeconomic stability, supporting fiscal reforms and facilitating the country’s debt restructuring process.
IMF Mission Chief for Ghana, Dr Ruben Atoyan, previously indicated that approval of the final review would pave the way for the release of the final tranche to the Bank of Ghana.
Ghana prepares for next phase of reforms
The government has already outlined plans to transition from the ECF to the PCI in an effort to preserve recent economic gains and continue with structural reforms.
Presenting the 2026 Mid-Year Budget Review, Finance Minister Dr Cassiel Ato Forson said the new policy framework would focus on fiscal consolidation that supports growth, debt sustainability, fiscal transparency and governance.
Other priority areas include strengthening monetary and exchange rate policies, ensuring financial sector stability and diversifying the economy.
The IMF has acknowledged progress made under the ECF, including lower inflation, improved international reserves, increased confidence in the cedi and progress on debt restructuring.
However, the Fund has urged government to sustain reforms in the energy sector, particularly efforts to improve the efficiency of the Electricity Company of Ghana through greater private-sector participation.
The proposed PCI is therefore expected to serve as the framework for Ghana’s next phase of economic reforms after the completion of the IMF-supported bailout programme.
