IMF approves final review of Ghana’s US$3bn bailout programme, ends ECF successfully

The Executive Board of the International Monetary Fund (IMF) has approved the final review of Ghana’s US$3 billion Extended Credit Facility (ECF) programme, marking the successful completion of the bailout programme introduced in May 2023 following the country’s 2022 economic crisis.

The approval unlocks a final disbursement of approximately US$371 million to the Bank of Ghana, bringing total disbursements under the programme to US$3 billion.

According to the Ministry of Finance, the successful conclusion of the programme reflects Ghana’s significant progress in restoring macroeconomic stability through fiscal discipline, lower inflation, stronger external reserves, and the implementation of key structural reforms.

With the ECF programme now concluded, Ghana will transition to a 36-month Policy Coordination Instrument (PCI) with the IMF. Unlike the ECF, the PCI is a non-financing arrangement designed to support the government’s ongoing reform agenda and reinforce confidence in the country’s economic policies without providing additional financial assistance.

The government expressed gratitude to the people of Ghana for their resilience, patience, and support throughout the implementation of the reform programme.

It also thanked the IMF Executive Board, IMF Management and Staff, development partners, civil society organisations, and the private sector for their continued support during the programme.

The Ministry of Finance reaffirmed the government’s commitment to safeguarding the gains made under the ECF programme and pursuing reforms aimed at building a stronger, more resilient, and more prosperous economy for all Ghanaians.