The Government has officially announced the successful completion of its Extended Credit Facility (ECF) financial bailout programme with the International Monetary Fund (IMF), marking a major turnaround in the nation’s economic recovery.
In a statement issued Friday by the Minister of Government Communications, Felix Kwakye Ofosu, the government confirmed that macroeconomic stability and debt sustainability have been restored, well ahead of the original schedule.
The ECF programme had derailed at the end of 2024, but the administration of President John Mahama moved decisively in 2025 to bring it back on course. Through frontloaded fiscal consolidation, bold expenditure cuts, and strong structural reforms, the government successfully recalibrated the programme.
The statement highlighted several key achievements, including the significant fall in inflation, and the cedi has strengthened markedly.
Again, public debt as a share of GDP has dropped sharply, and economic growth has rebounded strongly.
Sovereign credit ratings have also improved from restricted default (junk status) to ‘B’ with a positive outlook, a five-notch upgrade and gross international reserves have reached an all-time high of approximately US$14.5 billion (nearly six months of import cover), giving Ghana the capacity to withstand external shocks.
The government emphasised that this announcement marks the definitive end of Ghana’s financial bailout relationship with the IMF.
“Government is exceedingly grateful to the people of Ghana for their sacrifices, resilience, and forbearance,” the statement read. Thanks were also extended to bilateral creditors, the Official Creditor Committee (OCC), and external and domestic investors for their collective sacrifice.
Going forward, Ghana will engage with the IMF under a Policy Coordination Instrument (PCI), a non-financing, technical assistance arrangement.
Unlike the ECF, the PCI provides no bailout funds but offers capacity development, market confidence, and a catalytic effect to unlock private investment and development partner financing.
The PCI will support the government’s goal of achieving an Investment Grade rating, which would lower borrowing costs, attract long-term institutional investors, boost foreign direct investment, and unlock cheaper financing for infrastructure and private sector growth.
“Ultimately, this engagement will support the government’s effort to accelerate sustainable development, create jobs, and raise living standards for all Ghanaians,” the statement concluded.
