IMF Approves Final Review, Bringing Ghana’s $3 Billion Bailout Programme to a Close
Ghana has completed its three-year US$3 billion Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), following the Fund’s Executive Board’s approval of the final review of the country’s economic recovery programme.
The news was shared in a press release by the Ministry of Finance on Tuesday, marking a major milestone in efforts to restore macroeconomic stability following the 2022 economic crisis.
It indicated that the approval also unlocks a final disbursement of approximately US$371 million to the Bank of Ghana, bringing the total amount disbursed under the programme to the full US$3 billion agreed when the bailout was launched in May 2023.
According to the government, the successful completion of the programme reflects the country’s significant progress in restoring economic stability through prudent fiscal management, lower inflation, stronger external reserves, and the implementation of key structural reforms aimed at supporting long-term growth.
Also, with the ECF programme now concluded, Ghana will transition to a new phase of engagement with the IMF under a 36-month Policy Coordination Instrument (PCI).
However, unlike the ECF, the PCI is a non-financing arrangement designed to support the government’s ongoing reform agenda, strengthen policy credibility, and sustain investor confidence 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 economic recovery programme, acknowledging the sacrifices made during the reform process.
The government reaffirmed its commitment to safeguarding the gains made under the programme and pursuing further reforms to build a stronger, more resilient, and more prosperous economy for all Ghanaians.
Deborah Narkie Nartey, ISD
