Ghana has officially completed its US$3 billion International Monetary Fund (IMF) Extended Credit Facility (ECF) programme after the Fund’s Executive Board approved the final review of the programme.
The approval brings to an end the IMF-supported bailout programme that began in May 2023 after Ghana sought external support following the economic crisis of 2022.
In a statement dated Monday, July 27, 2026, the Ministry of Finance said the final review also clears the way for the disbursement of approximately US$371 million to the Bank of Ghana.
The latest disbursement brings the total amount released to Ghana under the three-year programme to US$3 billion.
“The Executive Board of the International Monetary Fund (IMF) has approved the final review of Ghana’s US$3 billion Extended Credit Facility (ECF) programme, bringing the bailout programme, which began in May 2023 following the 2022 economic crisis, to a successful conclusion,” the Ministry said.
According to the government, Ghana’s completion of the programme reflects progress made in stabilising the economy and implementing reforms agreed with the IMF.
Despite completing the ECF programme, Ghana’s engagement with the IMF will continue under a different arrangement.
The government said the country will move onto a 36-month Policy Coordination Instrument (PCI), which, unlike the ECF programme, will not provide new IMF financing.
“With the ECF programme now complete, Ghana will begin a new phase of engagement with the IMF through a 36-month, non-bailout Policy Coordination Instrument (PCI). This non-financing PCI will support the Government’s reform agenda and help sustain confidence in Ghana’s economic policies,” the Ministry explained.
The development marks the end of a programme Ghana entered after a period of severe economic pressure characterised by high inflation, a sharp depreciation of the cedi, mounting public debt and declining access to international capital markets.
Ghana formally secured IMF Executive Board approval for the US$3 billion ECF arrangement in May 2023, following months of negotiations and the introduction of measures aimed at restoring debt sustainability and macroeconomic stability.
The programme was accompanied by Ghana’s wider debt restructuring exercise, involving both domestic and external obligations, as the country sought to bring its public debt back onto a sustainable path.
Successive programme reviews assessed Ghana’s performance against agreed fiscal, monetary and structural reform targets before further portions of the US$3 billion facility were released.
With the final review now approved, the government says its attention will shift towards preserving the gains made under the programme while continuing reforms without relying on another IMF bailout facility.
“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 Ministry stated.
The government also expressed appreciation to Ghanaians for their support during the programme and thanked the IMF, development partners, civil society and the private sector for their roles in the process.
