The Government of Ghana has announced the successful conclusion of its Extended Credit Facility (ECF) financial bailout programme with the International Monetary Fund (IMF), marking a significant turning point in the country’s economic recovery journey.
The announcement, made on Friday, May 15 by Presidential Spokesperson Felix Kwakye Ofosu, confirms that Ghana has restored macroeconomic stability and debt sustainability well ahead of the original programme timeline.
According to the Presidency, the turnaround was driven by decisive action taken by President John Mahama’s administration in 2025, following the derailment of the programme at the end of 2024.
The government implemented a frontloaded fiscal consolidation, bold expenditure rationalisation, and strong structural reforms to bring the programme back on track.
The results have been wide-ranging.
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.
In a further sign of Ghana’s economic revival, the country’s sovereign credit ratings have been upgraded from restricted default — junk status — to ‘B’ with a positive outlook, representing five distinct rating level upgrades.
The Presidency attributed this to improved fiscal performance, normalised creditor relations, stronger external buffers, and renewed market confidence.
Ghana’s gross international reserves have also risen to an all-time high, reaching approximately US$14.5 billion by February 2026 — equivalent to almost six months of import cover — providing the country with the capacity to withstand external shocks.
“This announcement marks the definitive end of Ghana’s financial bailout relationship with the IMF,” the Presidency stated, adding that the government remains exceedingly grateful to the Ghanaian people for their sacrifices, resilience, and forbearance throughout the programme period.
Going forward, Ghana will engage with the IMF’s Policy Coordination Instrument (PCI) — a non-financing technical assistance arrangement designed to help countries implement economic reforms, signal commitment to sound policies, and unlock financing from private investors and other development partners.
The Presidency was emphatic that the PCI does not constitute a financial bailout, but will offer continuous capacity development, a confidence boost to the market, and a catalytic effect for fresh financing to Ghana.
The government said the PCI will complement its efforts to achieve Investment Grade rating, which would significantly lower sovereign and private sector borrowing costs, attract long-term institutional investors, increase foreign direct investment, and unlock cheaper financing for critical infrastructure and private sector growth.
“President John Mahama and his administration remain fully committed to good governance, prudent economic management, fiscal discipline, and creating an attractive environment for both domestic and international investment,” the statement concluded.