Ghana has officially exited its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF).
A statement issued by Mr Felix Kwakye Ofosu, Presidential Spokesman and Minister of State in charge of Government Communications, said the achievement followed prudent economic management and fiscal discipline, which restored macroeconomic stability and debt sustainability ahead of schedule.
“The government of President John Mahama in 2025 acted decisively following the derailment of the IMF financial bailout programme at the end of 2024, to bring it back on track and to recalibrate it by implementing a frontloaded fiscal consolidation, bold expenditure rationalisation, and strong structural reforms.” The statement explained.
The government expressed gratitude to bilateral creditors, the Official Creditor Committee (OCC), as well as external and domestic investors for their cooperation and sacrifices during the programme period.
According to the statement, Ghana’s improved fiscal performance, strengthened external buffers, normalised creditor relations, and renewed market confidence underpinned the successful completion of the programme.
“Inflation has reduced significantly, the cedi has strengthened markedly, public debt as a share of GDP has declined sharply, and economic growth has rebounded strongly.
“Gross international reserves have risen to an all-time high, reaching approximately $14.5 billion by February, 2026, almost 6-months of import cover and Ghana’s sovereign credit ratings have improved from restricted default (Junk Status) to ‘B’ with a positive outlook, representing five distinct rating levels upgrades.”
On the way forward, the statement said the government, in line with President Mahama’s commitment to sustain the gains, had entered into a non-financial arrangement with the IMF to support continued economic reforms.
It said Ghana would engage the IMF under the Policy Coordination Instrument (PCI), a non-financing framework that provides technical assistance and helps countries signal policy credibility to investors and development partners.
The statement emphasised that the PCI does not involve a financial bailout but is designed to support policy implementation, enhance investor confidence, and facilitate access to affordable financing.
It said the arrangement would help lower borrowing costs, attract long- term investments, boost foreign direct investment, and support infrastructure development and private sector growth.
Source: GNA
