 arrangement ahead of schedule, marking a major milestone in the country’s economic recovery efforts.){kind=link}
The Government of Ghana has officially exited its financial bailout programme with the International Monetary Fund after successfully completing the Extended Credit Facility (ECF) arrangement ahead of schedule, marking a major milestone in the country’s economic recovery efforts.
The country will now transition to a non-financing technical assistance framework known as the Policy Coordination Instrument (PCI), a mechanism designed to support economic reforms and strengthen investor confidence without offering direct financial support.
Speaking at a joint press conference in Accra yesterday, the Minister of Finance, Cassiel Ato Forson, described the development as a decisive step towards restoring macroeconomic stability, debt sustainability and investor confidence.
According to him, the government acted swiftly in 2025 to recalibrate the IMF-supported programme after it was derailed at the end of 2024.
He said measures including frontloaded fiscal consolidation, expenditure rationalisation and structural reforms had produced significant results.
“These efforts have delivered tangible results: 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,” Dr Forson stated.
The Finance Minister disclosed that Ghana’s inflation rate had dropped from 31.7 per cent in July 2022 to 3.4 per cent in April 2026, while Gross Domestic Product (GDP) growth reached six per cent by the end of 2025.
He added that the country’s Gross International Reserves had increased to $14.5 billion by February 2026, representing nearly six months of import cover.
“The announcement marks the definitive end of Ghana’s financial bailout relationship with the IMF,” the minister declared.
He expressed appreciation to Ghanaians, bilateral creditors, the Official Creditor Committee (OCC), and both domestic and external investors for their sacrifices and support throughout the reform process.
Under the new arrangement, Ghana will engage the IMF through the PCI, which provides policy guidance and technical support without additional borrowing.
Dr Forson said the PCI would help the country maintain policy credibility, attract private investment and unlock fresh financing from development partners and international markets.
“For the avoidance of doubt, the PCI does not provide financial bailout, but will offer continuous capacity development, confidence boost to the market, and deliver a catalytic effect for fresh financing to Ghana,” he explained.
He noted that the new arrangement would support the government’s ambition to achieve an investment-grade sovereign rating of “BB”, which would lower borrowing costs, attract long-term investors and support infrastructure development and private sector growth.
The Finance Minister reiterated the commitment of the administration of President John Mahama to fiscal discipline, prudent economic management and creating a favourable investment climate.
Also addressing the press conference, the IMF Division Chief for the African Department and leader of the Sixth and Final ECF Review Mission, Ruben Atoyan, commended Ghana for achieving substantial stabilisation gains under the programme.
“Inflation has declined rapidly, international reserves have been rebuilt, and confidence in the cedi has improved,” he said.
Mr Atoyan added that Ghana had recorded a strong primary surplus and significantly reduced its debt-to-GDP ratio despite difficult economic conditions.
He noted that economic growth remained strong, driven by broad-based private sector activity and continued recovery efforts.
According to him, the IMF and Ghana had reached a staff-level agreement on a 36-month PCI arrangement, which signals the country’s transition away from dependence on IMF financing.
He explained that the new programme would focus on growth-friendly fiscal consolidation, debt sustainability, governance reforms, transparency and strengthening monetary and financial systems to support inclusive growth and job creation.