Dr Cassiel Ato Forson
The Government of Ghana has announced the successful conclusion of its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), marking the end of the financial bailout arrangement.
According to a statement issued by Government Spokesperson Felix Kwakye Ofosu on Friday (15 May) said, the completion of the programme reflects progress in restoring macroeconomic stability and debt sustainability ahead of the original timeline.
Following what the government described as challenges at the end of 2024, it implemented a series of fiscal consolidation measures, expenditure rationalisation, and structural reforms in 2025 to bring the programme back on track.
The government says these efforts have contributed to a decline in inflation, strengthening of the cedi, a reduction in public debt as a share of GDP, and a rebound in economic growth.
It also reports improvements in Ghana’s sovereign credit ratings from “restricted default (junk status)” to “B” with a positive outlook, representing several upgrades and signalling renewed market confidence.
International reserves are said to have risen to an all-time high of about US$14.5 billion as of February 2026, equivalent to nearly six months of import cover.
With the ECF programme concluded, Ghana will now engage the IMF under a Policy Coordination Instrument (PCI), a non-financing technical assistance framework designed to support policy implementation, signal commitment to reforms, and help attract private investment.
