IMF approves final review of Ghana’s $3bn bailout programme

Ghana has successfully concluded its three-year, $3 billion economic recovery program with the International Monetary Fund (IMF), receiving final approval for its Extended Credit Facility (ECF).

The IMF's Executive Board gave the green light after the final review, unlocking a disbursement of about $371 million. This brings the total funds received from the IMF to the full $3 billion.

The Ministry of Finance stated that the program's success reflects Ghana's significant strides in restoring macroeconomic stability. Key achievements include fiscal discipline, declining inflation, stronger external reserves, and the implementation of crucial structural reforms. These gains, the ministry noted, have established a solid foundation for sustained economic growth and enhanced investor confidence.

Looking ahead, Ghana will move to a 36-month Policy Coordination Instrument (PCI) with the IMF. Unlike the ECF, the PCI does not offer financial support but aims to help countries maintain sound economic policies, deepen reforms, and bolster policy credibility. The government views this new arrangement as vital for supporting its reform agenda and reinforcing confidence among investors and the international financial community.

The government expressed gratitude to the people of Ghana for their resilience and support during the reform period. It also acknowledged the contributions of the IMF, development partners, civil society, and the private sector. Ghana is committed to safeguarding the program's achievements and continuing reforms to build a stronger, more resilient economy.