Ghana has concluded its three-year International Monetary Fund (IMF) bailout programme after the IMF Executive Board approved the final review of the country’s US$3 billion Extended Credit Facility (ECF), unlocking a final disbursement of about US$371 million to the Bank of Ghana and paving the way for a new phase of economic policy engagement.
The approval brings total disbursements under the programme to US$3 billion and marks the formal completion of the ECF arrangement launched in May 2023 in response to Ghana’s 2022 economic crisis.
The Ministry of Finance said the successful completion of the programme reflects the country’s progress in restoring macroeconomic stability through “fiscal discipline, reduced inflation, stronger external buffers and the implementation of key structural reforms intended to support sustained economic growth”.
With the bailout programme concluded, Ghana will transition to a 36-month Policy Coordination Instrument (PCI), a non-financing arrangement with the IMF designed to support the government’s reform agenda while reinforcing confidence in the country’s economic policies. Unlike the ECF, the PCI does not provide financial resources but offers policy guidance and monitoring to help sustain macroeconomic stability and reform momentum.
The new engagement signals a shift from crisis financing to policy coordination as the government seeks to consolidate recent economic gains and strengthen long-term development prospects.
It expressed appreciation to the people of Ghana for their “resilience, patience, and unwavering support” throughout the reform programme, describing public cooperation as instrumental to the country’s economic recovery.
The government also acknowledged the IMF Executive Board, IMF Management and Staff, development partners, civil society and the private sector for their continued support during the implementation of the programme.
According to the ministry, the government remains committed to protecting the gains achieved under the ECF and pursuing ongoing reforms aimed at building “a stronger, more resilient, and more prosperous economy” while maintaining macroeconomic stability.
