By Francis Ntow
Accra, July 28, GNA – Ghana has secured a final disbursement of US$371 million after the International Monetary Fund (IMF) completed the sixth and final review of the country’s Extended Credit Facility (ECF) programme.
The disbursement brings total support under the 39-month ECF arrangement to US$3 billion and marks Ghana’s successful completion of the loan-supported programme ahead of a transition to a non-financing Policy Coordination Instrument (PCI).
The IMF announced the decision after its Executive Board completed the final ECF review, concluded Ghana’s 2026 Article IV consultation and reviewed, at the authorities’ request, a 36-month non-financing PCI.
The Fund said the ECF-supported programme had delivered substantial gains in macroeconomic stability and debt sustainability.
Real Gross Domestic Product (GDP) growth reached six per cent in 2025 and accelerated to 6.4 per cent year-on-year in the first quarter of 2026, supported by broad-based economic activity.
Headline inflation declined to 5.4 per cent at the end of 2025 and further eased to 5.3 per cent in June 2026, reflecting prudent monetary policy, appreciation of the cedi and improved food supply.
The IMF said the current account recorded a surplus of 7.9 per cent of GDP in 2025, supported by historically high gold prices, while gross international reserves nearly doubled to US$11.9 billion, equivalent to four months of imports, by the end of 2025.
The primary fiscal balance also improved to a surplus of 2.1 per cent of GDP.
“Ghana’s risk of external and overall debt distress has been upgraded to moderate, two years earlier than expected at programme approval, as all debt indicators are below their LIC-DSF thresholds,” the IMF said.
The Fund said recent improvements in Ghana’s debt trajectory had created carefully calibrated fiscal space under the PCI.
“This space will help Ghana address pressing development needs and strengthen social spending, while preserving attainment of Ghana’s 45 per cent of GDP debt anchor by 2034,” it said.
The IMF urged the Government to maintain fiscal discipline while addressing development, social and security needs in a manner consistent with debt sustainability.
“To this end, it is paramount to further strengthen domestic revenue mobilisation, improve public financial and investment management, and enhance State-owned enterprise oversight, particularly in the energy and cocoa sectors, while strengthening social protection for the most vulnerable,” it said.
The Fund also acknowledged improvements in financial sector resilience but noted continuing vulnerabilities in some State-owned and private banks and specialised deposit-taking institutions.
“Looking ahead, safeguarding financial stability warrants decisive corrective measures, robust supervision, and finalisation of the crisis management and resolution framework.
“Sustained progress on governance, including timely enactment of the reformed Conduct of Public Officials bill, will further bolster transparency, accountability, and public trust,” it noted.
Commenting on the development, the Ministry of Finance said Ghana would commence a new phase of engagement with the IMF through a 36-month non-financing PCI following the successful completion of the ECF programme.
In a statement issued on Monday, the Ministry said the PCI would support the Government’s reform agenda and help sustain confidence in Ghana’s economic policies.
“Government remains committed to protecting the gains achieved so far and implementing ongoing reforms to build a stronger, more resilient, and more prosperous economy for all Ghanaians,” the statement noted.
GNA
Edited by Kenneth Sackey
Reporter: Francis Ntow