The Government of Ghana has officially announced the successful completion of its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), bringing to an end three years of economic recovery measures under the bailout arrangement.
The government described the milestone as evidence of restored macroeconomic stability and debt sustainability ahead of schedule.
In a statement issued on Friday, May 15, 2026, the government revealed that Ghana will transition to a non-financing Policy Coordination Instrument (PCI) arrangement with the IMF.
According to the statement signed by Minister for Government Communications and Presidential Spokesperson Felix Kwakye Ofosu, the Mahama administration took “decisive” steps in 2025 to revive the programme after it veered off track at the close of 2024.
The statement said the government pursued “frontloaded fiscal consolidation, bold expenditure rationalisation, and strong structural reforms” aimed at stabilising the economy.
“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 said.
The government further noted that Ghana’s sovereign credit ratings had improved from restricted default status to a ‘B’ rating with a positive outlook, describing the achievement as “five distinct rating levels upgrades.”
It also disclosed that Ghana’s gross international reserves climbed to a record high of approximately US$14.5 billion by February 2026, equivalent to nearly six months of import cover.
“These foreign exchange reserve buffers provide Ghana with the capacity to withstand external shocks and stand on its own feet,” the statement added.
The government clarified that the transition to the Policy Coordination Instrument does not constitute another bailout programme.
“The PCI is a form of Technical Assistance engagement with the IMF. It is a non-financing instrument designed to help countries implement economic reforms, signal commitment to policies, and unlock financing from private investors and other development partners,” the statement explained.
“For the avoidance of doubt, the PCI does not provide a financial bailout but will offer continuous capacity development, confidence boost to the market, and deliver a catalytic effect for fresh financing to Ghana.”
According to the government, the arrangement is expected to support Ghana’s quest for investment-grade status, reduce borrowing costs, attract long-term investment, and unlock more affordable financing for infrastructure and private sector expansion.
The government also expressed appreciation to Ghanaians, bilateral creditors, investors, and the Official Creditor Committee for their support and sacrifices throughout the IMF programme.
