Ghana Set to Exit IMF Bailout Programme as Final Review Awaits Approval

Ghana is expected to officially complete its International Monetary Fund (IMF) Extended Credit Facility (ECF) programme next week, pending approval of the country’s final review by the IMF Executive Board.

The expected milestone follows what the government says has been significant progress in restoring macroeconomic stability, with improvements in inflation, economic growth, debt sustainability, exchange rate stability and fiscal performance.

Presenting the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, Finance Minister Dr. Cassiel Ato Forson said the Executive Board’s approval would bring Ghana’s IMF-supported bailout programme to a successful close.

“Next week, the Executive Board of the IMF is expected to approve the final review of Ghana’s Extended Credit Facility (ECF) programme, bringing to a successful conclusion the financial bailout programme,” he said.

Dr. Ato Forson also announced that Ghana is expected to transition to a 36-month Policy Coordination Instrument (PCI), a non-financing IMF programme designed for countries that no longer require balance-of-payments support but wish to maintain a framework for economic reforms.

“The PCI will anchor our next phase of reforms, strengthen macroeconomic resilience, support broad-based growth, and signal our unwavering commitment to sound and disciplined economic policies,” he stated.

According to the Finance Minister, the new programme will focus on six priority areas: growth-friendly fiscal consolidation, debt sustainability, fiscal transparency and governance, monetary and exchange rate policy reforms, financial sector stability, and economic diversification with inclusive growth.

He expressed confidence that Ghana’s performance under the IMF programme, coupled with successful implementation of the PCI, would strengthen the country’s bid to regain investment-grade status and improve access to concessional and development financing.

“We believe our strong implementation record, together with the successful execution of the PCI, will strengthen Ghana’s path toward investment-grade status and enhance our ability to mobilise concessional and development financing for productive public investment,” he said.

The Finance Minister disclosed that the PCI will contain 26 quantitative and structural reform targets, which will be assessed through semi-annual reviews to ensure continued implementation of key policy reforms.

The three-year Extended Credit Facility programme was introduced to help Ghana restore macroeconomic stability, implement fiscal reforms and restructure its debt following the country’s economic crisis. Its expected conclusion marks a significant milestone in the government’s efforts to restore economic stability and lay the foundation for sustainable long-term growth.