Ghana has officially concluded its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), marking what government describes as a major turning point in the country’s economic recovery and fiscal management efforts.
The announcement, made by Minister for Government Communications and Presidential Spokesperson Felix Kwakye Ofosu on Friday, stated that Ghana will now transition from a financing arrangement with the IMF to a non-financing Policy Coordination Instrument (PCI) focused on technical assistance and economic reform support.
According to government, the move signals the restoration of macroeconomic stability and debt sustainability earlier than initially projected.
“This announcement marks the definitive end of Ghana’s financial bailout relationship with the IMF,” the statement said.
Economic recovery and fiscal reforms
Government attributed the successful completion of the programme to aggressive fiscal consolidation measures, expenditure rationalisation and structural reforms implemented after the IMF programme reportedly went off track at the end of 2024.
Officials say the policy adjustments have produced visible improvements across key macroeconomic indicators, including inflation, debt levels and currency stability.
“These efforts have delivered tangible results: inflation has reduced significantly, the cedi has strengthened markedly, public debt as a share of GDP has declined sharply, and economic growth has rebounded strongly,” the statement noted.
Government also highlighted improvements in Ghana’s sovereign credit ratings, saying the country had moved from restricted default status to a “B” rating with a positive outlook following multiple upgrades by international rating agencies.
Foreign reserves hit record high
Another key development cited by government was the sharp rise in Ghana’s foreign exchange reserves, which reportedly reached approximately US$14.5 billion by February 2026.
According to the statement, the reserve accumulation now provides nearly six months of import cover and strengthens the country’s ability to withstand external economic shocks.
“These foreign exchange reserve buffers provide Ghana with the capacity to withstand external shocks and stand on its own feet,” government stated.
The administration also expressed appreciation to Ghanaians, creditors and investors for supporting the country throughout the economic adjustment period.
Ghana shifts to IMF Policy Coordination Instrument
Under the next phase of engagement, Ghana will work with the IMF through a Policy Coordination Instrument rather than a bailout programme.
Government explained that the PCI is a non-financing arrangement designed to support policy implementation, strengthen investor confidence and improve access to external financing without direct IMF loans.
“The PCI does not provide financial bailout, but will offer continuous capacity development, confidence boost to the market, and deliver a catalytic effect for fresh financing to Ghana,” the statement explained.
Officials believe the arrangement will support Ghana’s long-term ambition of achieving investment-grade status, lowering borrowing costs and attracting more foreign direct investment.
Government said the broader objective remains sustainable economic growth, job creation and improved living standards while maintaining fiscal discipline and prudent economic management.
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