The Government of Ghana has announced the successful conclusion of its Extended Credit Facility (ECF) programme with the International Monetary Fund, marking what officials describe as the end of the country’s financial bailout arrangement with the Fund.
In a statement issued on Friday (15 May 2026), the Presidency said the development signals the restoration of macroeconomic stability and debt sustainability ahead of the original programme timeline.
According to the government, the administration of John Dramani Mahama took decisive measures in 2025 to revive the IMF-supported programme after it derailed at the end of 2024.
The statement noted that the government implemented a frontloaded fiscal consolidation programme, expenditure rationalisation measures, and structural reforms aimed at stabilising the economy.
These interventions, the Presidency said, have led to significant improvements in key economic indicators, including a reduction in inflation, a stronger Ghana cedi, declining public debt-to-GDP levels, and a rebound in economic growth.
Government also announced that Ghana’s sovereign credit ratings have improved from restricted default status to a “B” rating with a positive outlook, representing what it described as five separate upgrades.
According to the statement, the upgrades reflect improved fiscal performance, stronger external buffers, normalised relations with creditors, and renewed investor confidence in the economy.
The Presidency further disclosed that Ghana’s gross international reserves had reached an estimated US$14.5 billion by February 2026, providing nearly six months of import cover.
Government said the reserve position places the country in a stronger position to withstand external economic shocks without relying on emergency financial support.
Despite ending the financial bailout programme, Ghana will continue its engagement with the IMF under a Policy Coordination Instrument (PCI), which the government described as a non-financing technical assistance arrangement.
The Presidency explained that the PCI would support the implementation of economic reforms, strengthen policy credibility, and help unlock financing opportunities from private investors and development partners without direct IMF financial support.
“For the avoidance of doubt, 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 said.
Government believes the PCI arrangement will support its efforts to attain investment-grade status, which it says could lower borrowing costs, attract long-term investors, increase foreign direct investment, and create cheaper financing opportunities for infrastructure and private sector expansion.
The statement added that the engagement would also support sustainable development efforts, job creation, and improved living standards for Ghanaians.
The government expressed gratitude to the people of Ghana for what it described as their sacrifices, resilience, and patience throughout the economic recovery period.
It also thanked bilateral creditors, the Official Creditor Committee (OCC), domestic investors, and external stakeholders for their support during the debt restructuring and economic stabilisation process.
The statement was signed by Felix Kwakye Ofosu, spokesperson to the President and Minister for Government Communications.
