The Government of Ghana has announced the successful conclusion of its Extended Credit Facility (ECF) programme with the International Monetary Fund, marking what it describes as a return to macroeconomic stability and debt sustainability ahead of schedule.

In a statement issued by Felix Kwakye Ofosu, the government said the programme, which had faced setbacks at the end of 2024, was restored and recalibrated in 2025 under the administration of President John Dramani Mahama.

The statement said the government implemented “frontloaded fiscal consolidation, bold expenditure rationalisation, and strong structural reforms” to stabilise the economy.

According to the government, the measures have yielded significant results, including a sharp decline in inflation, a strengthened cedi, improved economic growth, and a reduction in public debt relative to Gross Domestic Product.

It added that Ghana’s sovereign credit ratings have improved from restricted default status to ‘B’ with a positive outlook—representing multiple upgrades driven by improved fiscal performance, stronger external buffers, and renewed investor confidence.

Gross international reserves have also risen to approximately $14.5 billion as of February 2026, equivalent to nearly six months of import cover, providing a cushion against external shocks.

“These foreign exchange reserve buffers provide Ghana with the capacity to withstand external shocks and stand on its own feet,” the statement said.

The government said the conclusion of the programme marks the end of Ghana’s financial bailout relationship with the IMF.

Going forward, Ghana will transition to the IMF’s Policy Coordination Instrument (PCI), a non-financing framework designed to support continued economic reforms, signal policy credibility, and attract investment from private and development partners.

The announcement follows a visit by an IMF staff team led by Ruben Atoyan from April 29 to May 15, 2026, for the 2026 Article IV consultation and the final review of the ECF programme.

The team held discussions with senior government officials and a broad range of stakeholders.

The government expressed appreciation to Ghanaians for their “sacrifices, resilience and forbearance” during the programme period.

It also reaffirmed its commitment to fiscal discipline, prudent economic management, and creating a favourable environment for both domestic and international investment.

The transition to the PCI is expected to anchor the next phase of Ghana’s economic reform agenda without direct financial support from the IMF.