Accra, May 15, GNA – Ghana has officially exited its 17th financial bailout programme with the International Monetary Fund (IMF), marking what Government describes as a major milestone in the country’s economic recovery and fiscal consolidation efforts.
A statement issued by Mr Felix Kwakye Ofosu, Minister of State in charge of Government Communications, said the successful completion of the Extended Credit Facility (ECF) programme followed prudent economic management, fiscal discipline and decisive policy interventions that restored macroeconomic stability and debt sustainability ahead of schedule.
The statement explained that the Government of President John Dramani Mahama acted swiftly in 2025 to restore the IMF-supported programme after it was said to have gone off track at the end of 2024.
The recovery measures included frontloaded fiscal consolidation, expenditure rationalisation and the implementation of key structural reforms aimed at stabilising the economy and rebuilding investor confidence.
The Government also expressed gratitude to bilateral creditors, the Official Creditor Committee (OCC), external investors and domestic bondholders for their support and sacrifices throughout the debt restructuring and recovery process.
According to the statement, the country’s fiscal performance had improved significantly, while creditor relations had normalised, external buffers strengthened and market confidence renewed.
It said inflation had reduced considerably, the cedi had appreciated strongly against the major trading currencies, public debt as a share of Gross Domestic Product (GDP) had declined and economic growth had rebounded steadily.
The statement noted that Ghana’s gross international reserves had reached about US$14.5 billion as of February 2026, representing almost six months of import cover.
It added that Ghana’s sovereign credit ratings had improved from restricted default status to “B” with a positive outlook, reflecting what it described as five successive rating upgrades.
As part of efforts to sustain the gains achieved under the IMF programme, the Government said Ghana would now engage the IMF under the Policy Coordination Instrument (PCI), a non-financing arrangement that provides technical support and policy guidance without direct financial assistance.
The PCI would help strengthen economic reforms, improve policy credibility and attract fresh investments from private investors and development partners.
The arrangement was also expected to lower borrowing costs, attract long-term institutional investors, increase foreign direct investment and support financing for infrastructure and private sector development, the statement said.
The Government emphasised that the PCI was not another bailout programme but rather a framework for technical assistance and economic policy coordination.
Ghana entered its current IMF-supported programme in May 2023 after securing a US$3 billion Extended Credit Facility to restore macroeconomic stability following severe economic challenges, including high inflation, debt distress and currency depreciation.
The country first sought IMF assistance in 1966 during efforts to restructure the economy after a period of macroeconomic instability.
GNA
Edited by Beatrice Asamani Savage