The Government of Ghana has announced the successful conclusion of Ghana’s Extended Credit Facility programme with the International Monetary Fund (IMF).
Although this signals the country’s planned transition away from a financial bailout arrangement, it has moved toward a non-financing policy support framework.
According to the government, the conclusion is the restoration of macroeconomic stability and progress toward debt sustainability ahead of the original programme timeline.
In a statement issued by Presidential Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu, the government said the turnaround follows a series of aggressive fiscal and structural reforms implemented after the programme faced setbacks at the end of 2024.
The statement noted that the administration of John Dramani Mahama introduced frontloaded fiscal consolidation measures, expenditure rationalisation and broader structural reforms aimed at restoring economic confidence and stabilising the economy.
Government says the reforms have produced measurable gains across key economic indicators, including declining inflation, a stronger cedi, improved debt sustainability and stronger economic growth.
According to the statement, Ghana’s sovereign credit ratings have also improved significantly from restricted default status to a “B” rating with a positive outlook, reflecting improved fiscal performance, stronger external reserves and renewed investor confidence.
Government further disclosed that Ghana’s gross international reserves reached approximately 14.5 billion dollars by February 2026, representing nearly six months of import cover and strengthening the country’s ability to withstand external economic shocks.
Following the completion of the bailout programme, Ghana will now engage the IMF through a Policy Coordination Instrument, commonly referred to as a PCI.
Government explained that unlike the Extended Credit Facility, the PCI is a non-financing arrangement designed to provide technical assistance, policy coordination and market confidence support without direct financial disbursement from the IMF.
Officials say the PCI framework is expected to support Ghana’s broader ambition of achieving investment-grade status over the medium term.
According to government, securing investment-grade ratings would help lower borrowing costs for both the sovereign and private sector, attract long-term investors, boost foreign direct investment and improve access to cheaper financing for infrastructure and private sector development.
Government also expressed appreciation to Ghanaians, bilateral creditors, investors and development partners for their support and sacrifices throughout the reform process.
