By Francis Ntow
Accra, May 15, GNA – Ghana has formally concluded its three-year US$3 billion Extended Credit Facility (ECF) bailout programme with the International Monetary Fund (IMF), Finance Minister Dr Cassiel Ato Baah Forson announced on Thursday.
The Government will transition to an IMF Policy Coordination Instrument (PCI), a non-financing arrangement intended to support policy reforms, strengthen investor confidence and anchor macroeconomic stability, he said.
“The Government of Ghana announces the successful conclusion of its Extended Credit Facility (ECF) financial bailout programme with the International Monetary Fund… Going forward, Ghana will engage with the IMF Policy Coordination Instrument (PCI),” Dr Forson said
He was Speaking after the IMF completed its 2026 Article IV Consultation and reached a Staff-Level Agreement with Ghana on the sixth review under the ECF arrangement and a 36-month PCI request.
The Minister said the programme had helped restore macroeconomic stability and debt sustainability through fiscal consolidation, expenditure rationalisation and structural reforms undertaken by the Government.
“These efforts have delivered tangible results: inflation has reduced significantly, the cedi has strengthened markedly, public debt as a share of Gross Domestic Product (GDP) has declined sharply, and economic growth has rebounded strongly,” he said.
Dr Forson said the PCI would not provide direct financial support but would serve as a framework for continued policy coordination and economic oversight.
“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 said.
Dr Forson thanked Ghanaians, bilateral creditors, the Official Creditor Committee, and domestic and external investors for their support during the reform process.
Mr Ruben Atoyan, Division Chief of the IMF African Department, said Ghana’s exit from the ECF programme signalled confidence in the country’s economic recovery efforts and policy direction.
He noted that the PCI would provide policy credibility rather than funding support, helping reinforce investor trust and market confidence.
“Going forward, Ghana must maintain fiscal discipline, strengthen transparency, and reinforce governance to safeguard stability. Building resilience against global shocks and commodity price volatility will require stronger financial frameworks and buffers.
“Strong institution is needed… and the government must continue to focus on private sector growth. Let me close by commending the Ghanaian authority of a strong engagement,” he said.
GNA
Edited by Kenneth Sackey
Reporter: Francis Ntow
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