The Government of Ghana has officially concluded its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), signalling a successful exit from its financial bailout.
The government has now transitioned to a non-financial Policy Coordination Instrument (PCI) to maintain long-term fiscal stability.
According to the Minister of State for Government Communications, Felix Kwakye Ofosu (MP), the programme’s successful conclusion follows a period of rigorous fiscal discipline and structural reforms. He noted that following the 2024 derailment, the administration of President John Mahama acted decisively in 2025 to recalibrate the economy through front-loaded fiscal consolidation and bold expenditure rationalisation.
“Inflation has reduced significantly, the cedi has strengthened markedly, public debt as a share of GDP has declined sharply, and economic growth has rebounded strongly. Gross international reserves have risen to an all-time high, reaching approximately US$14.5 billion by February 2026, almost 6 months of import cover and Ghana’s sovereign credit ratings have improved from restricted default (Junk Status) to ‘B’ with a positive outlook, representing five distinct rating levels upgrades.”
“This milestone reflects improved fiscal performance, normalised relations with global creditors, and renewed market confidence,” Mr Kwakye Ofosu stated.
He also extended the government’s gratitude to the Official Creditor Committee (OCC) and domestic and external investors for their cooperation during the restructuring period. In a move to achieve “Investment Grade” status, Ghana has entered into a non-financial agreement with the IMF via the Policy Coordination Instrument (PCI). Unlike a bailout, the PCI provides technical assistance and capacity development without a financial loan.
“The PCI signals our commitment to prudent policy to private investors and development partners,” the statement added. “This will lower borrowing costs for both the sovereign and private sectors, attracting long-term institutional investment and unlocking financing for critical infrastructure.”
