The Executive Board of the International Monetary Fund (IMF) has approved the final review of Ghana’s Extended Credit Facility (ECF) programme, paving the way for a final disbursement of approximately US$371 million to the Bank of Ghana.
The approval brings total disbursements under the programme to US$3 billion, marking the successful completion of the three-year bailout programme launched in May 2023 in response to Ghana’s 2022 economic crisis.
In a press release issued on Monday, July 27, the Ministry of Finance said the completion of the programme reflects the country’s progress in restoring macroeconomic stability.
“Government has maintained fiscal discipline, reduced inflation, strengthened external buffers, and implemented key reforms that have laid the foundation for sustained economic growth,” the release said.
Ghana is now expected to begin a new phase of engagement with the IMF under a 36-month Policy Coordination Instrument (PCI).
The Ministry explained that, unlike the ECF, the PCI is a non-financing arrangement designed to support the government’s reform agenda while helping to sustain investor confidence in Ghana’s economic policies.
It added that the transition signals the country’s commitment to maintaining economic reforms without the need for additional IMF financial support.
It also thanked the IMF Executive Board, the Fund’s management and staff, development partners, civil society, and the private sector for their contributions to the programme’s success.
The Ministry reaffirmed government’s commitment to safeguarding the gains made under the programme
“Government remains committed to protecting the gains achieved so far and is implementing ongoing reforms to build a stronger, more resilient, and more prosperous economy for all Ghanaians,” the statement concluded.
