The Executive Board of the International Monetary Fund (IMF) has officially approved the final review of Ghana’s US$3 billion Extended Credit Facility (ECF) arrangement, marking the successful conclusion of the bailout programme initiated in May 2023 following the nation’s 2022 economic crisis.
The approval triggers the final disbursement of approximately US371 million to the Bank of Ghana, bringing the total funds disbursed under the three-year facility to the full US3 billion mark.
According to a press release issued on Monday by the Ministry of Finance, the successful completion of the ECF programme reflects significant progress made by Ghana in stabilising its economy.
Key achievements highlighted include strict fiscal discipline, reduced inflation rates, strengthened external buffers, and structural reforms designed to support sustained economic growth.
Following the conclusion of the bailout arrangement, Ghana is immediately transitioning to a new phase of engagement with the IMF.
The country will enter into a 36-month, non-financing Policy Coordination Instrument (PCI).
Unlike the ECF, the PCI carries no direct financial support but will serve to monitor, anchor, and guide government policy reforms while reinforcing international investor confidence in Ghana’s economic outlook.
In its statement, the government expressed gratitude to the Ghanaian populace for their resilience, patience, and unwavering support throughout the reform programme.
Acknowledgements were also extended to the IMF Executive Board, development partners, civil society groups, and the private sector for their collaboration.
The Ministry reaffirmed the administration’s commitment to protecting economic gains and executing ongoing policy reforms aimed at building a stronger, more resilient economy.
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