Ghana can now “stand on its own feet” and withstand external shocks following the successful conclusion of its International Monetary Fund (IMF) Extended Credit Facility (ECF) programme, Finance Minister Dr. Cassiel Ato Baah Forson has said, as the country transitions into a non-financing Policy Coordination Instrument (PCI) arrangement with the Fund.
According to Ato Forson, the transition marks the restoration of macroeconomic stability and debt sustainability “well ahead of the original timeline” after Ghana’s IMF-supported programme was derailed at the end of 2024.
He said the administration of President John Dramani Mahama acted decisively in 2025 to restore programme credibility through “frontloaded fiscal consolidation,” expenditure rationalisation, and structural reforms aimed at rebuilding investor confidence and stabilising the economy.
The Finance Minister stated that the measures have produced “tangible results,” with inflation declining significantly, the cedi strengthening, and public debt-to-GDP levels reducing sharply alongside a rebound in economic growth.
Ato Forson further indicated that Ghana’s sovereign credit profile has improved substantially, moving from restricted default status to a ‘B’ rating with a positive outlook, representing what he described as “five distinct rating level upgrades.”
He said the improved ratings reflect stronger fiscal performance, the normalisation of creditor relations, improved external buffers, and renewed market confidence in Ghana’s economic recovery path.
The minister also emphasized Ghana’s gross international reserves, which stood at approximately US$14.5 billion by February 2026, equivalent to nearly six months of import cover, describing the reserves as “foreign exchange reserve buffers” capable of helping the economy withstand external shocks.
The move to a non-financing PCI framework marks a shift from direct IMF financial support toward technical assistance, policy coordination, and reform monitoring as Ghana seeks to consolidate recent macroeconomic gains while restoring long-term fiscal credibility.
Ato Forson maintained that the transition demonstrates Ghana’s improving capacity to manage its economic programme independently while sustaining policy discipline and macroeconomic reforms.
