The Government of Ghana has announced the successful completion of its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), marking the end of the country’s latest financial bailout arrangement.
The announcement, made on Friday, May 15, 2026, indicates that the programme concluded well ahead of the original timeline, following decisive actions taken by the government of President John Mahama in 2025 to restore macroeconomic stability and debt sustainability.
According to a statement issued by the Minister for Information, Felix Kwakye Fosu, the administration implemented a front-loaded fiscal consolidation, bold expenditure rationalisation, and strong structural reforms after the programme had derailed at the end of 2024.
“These efforts have delivered tangible results as inflation has reduced significantly, the cedi has strengthened markedly, public debt as a share of Gross Domestic Product (GDP) has declined sharply, and economic growth has rebounded strongly,” the statement said.
The government highlighted notable improvements in Ghana’s credit ratings, which have risen significantly from restricted default (junk status) to ‘B’ with a positive outlook — representing five distinct rating upgrades. This reflects improved fiscal performance, normalised relations with creditors, stronger external buffers, and renewed market confidence.
Gross international reserves have also reached an all-time high of approximately US$14.5 billion by February 2026, providing nearly six months of import cover. These buffers, the statement noted, position Ghana to better withstand external shocks.
The announcement effectively signals the definitive end of Ghana’s financial bailout relationship with the IMF.
The government expressed gratitude to the people of Ghana for their “sacrifices, resilience and forbearance” throughout the programme.
Going forward, Ghana will transition to the IMF’s Policy Coordination Instrument (PCI), a non-financing technical assistance programme designed to support economic reforms, signal policy commitment, and help unlock financing from private investors and development partners.
The development follows a visit by an IMF staff team, led by Ruben Atoyan, from April 29 to May 15, 2026. The team held discussions on the 2026 Article IV consultation, the sixth and final review of the ECF arrangement, and the government’s request for the PCI. They engaged with senior government officials and various stakeholders.
President John Mahama and his administration have reaffirmed their commitment to good governance, prudent economic management, fiscal discipline, and creating an enabling environment for both local and foreign investment.