The Government of Ghana has announced the successful conclusion of its Extended Credit Facility (ECF) financial bailout programme with the International Monetary Fund (IMF), describing the development as a major milestone in restoring macroeconomic stability and debt sustainability ahead of schedule.
According to the Presidency, the Mahama administration acted decisively in 2025 to restore the programme after it was derailed at the end of 2024, implementing frontloaded fiscal consolidation measures, expenditure rationalisation and structural reforms.
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The government stated that the measures have contributed to significant reductions in inflation, a stronger cedi, a sharp decline in public debt as a share of GDP and a rebound in economic growth.
The Presidency further indicated that Ghana’s sovereign credit ratings have improved from restricted default status to a “B” rating with a positive outlook, representing five separate rating upgrades.
It also noted that Ghana’s gross international reserves had risen to about US$14.5 billion by February 2026, providing nearly six months of import cover and strengthening the country’s ability to withstand external shocks.
The government said the announcement marks the definitive end of Ghana’s financial bailout relationship with the IMF.
Going forward, Ghana will engage with the IMF through a Policy Coordination Instrument (PCI), which the Presidency described as a non-financing technical assistance arrangement designed to support economic reforms, strengthen policy credibility and help attract financing from investors and development partners.
According to the statement, the PCI will support government efforts to achieve an investment-grade credit rating, lower borrowing costs, attract long-term investment and unlock cheaper financing for infrastructure development and private sector growth.
The Presidency added that the Mahama administration remains committed to prudent economic management, fiscal discipline and creating a favourable environment for domestic and foreign investment.
