The Executive Board of the International Monetary Fund (IMF) has officially approved the final review of Ghana’s Extended Credit Facility (ECF) programme, bringing the US$3 billion bailout to a successful conclusion.
The agreement, which commenced in May 2023 in response to the 2022 economic crisis, enters a new phase as Ghana transitions into a non-financing Policy Coordination Instrument (PCI).
In a press release issued on Monday, 27th July 2026, the Ministry of Finance disclosed that the board’s approval unlocks an immediate final disbursement of approximately US371 million to the Bank of Ghana.
This final tranche brings total disbursements under the three-year programme to the full US3 billion mark.
Reflecting on the milestone, the Ministry highlighted the macroeconomic gains achieved over the implementation period, noting that government action has laid a solid foundation for future growth.
“The successful completion of the programme reflects the significant progress Ghana has made in ensuring economic stability. Government has maintained fiscal discipline, reduced inflation, strengthened external buffers, and implemented key reforms that have laid the foundation for sustained economic growth,” the statement noted.
Following the formal completion of the ECF, Ghana is entering a 36-month non-bailout Policy Coordination Instrument (PCI) arrangement with the Fund. The non-financing facility aims to anchor ongoing policy reforms and maintain investor confidence without adding new loan obligations to the national balance sheet.
“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 stated.
The government expressed appreciation to citizens and international partners for their cooperation throughout the duration of the economic recovery programme.
“Government expresses its sincere appreciation to the people of Ghana for their resilience, patience, and unwavering support throughout the reform programme,” the statement read, adding that appreciation goes to “the IMF Executive Board, IMF Management and Staff, development partners, civil society, and the private sector for their continued support.”
Reaffirming its commitment to long-term stability, the Ministry assured the public that the administration remains focused on preserving the gains made under the programme.
“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 release concluded.
By: Rainbowradioonline.com/Ghana
