The International Monetary Fund (IMF) has approved the final review of Ghana’s $3 billion Extended Credit Facility (ECF) programme, marking the successful completion of the three-year economic support package that began in May 2023.
The approval by the IMF Executive Board unlocks a final disbursement of about $371 million, bringing the total amount released under the programme to approximately $3 billion, according to a statement issued by the Ministry of Finance on Monday.
The ECF programme was introduced to help Ghana recover from the severe economic challenges it faced in 2022, including high inflation, rising debt and pressure on the country’s public finances.
The Ministry of Finance said the successful completion of the programme reflects the significant progress Ghana has made in restoring macroeconomic stability through fiscal discipline, declining inflation, stronger external reserves and the implementation of key structural reforms.
With the bailout programme now concluded, the government says it will transition to a new phase of cooperation with the IMF under a 36-month Policy Coordination Instrument (PCI). Unlike the ECF, the PCI does not provide financing but is designed to support the government’s reform agenda, strengthen policy credibility and maintain investor confidence.
The government expressed gratitude to Ghanaians for their resilience and support throughout the reform process. It also thanked the IMF Executive Board, management and staff, development partners, civil society organisations and the private sector for their continued support.
Government reaffirmed its commitment to safeguarding the gains made under the programme by pursuing reforms aimed at building a stronger, more resilient and more prosperous economy for all Ghanaians.
