Government announced successful completion of IMF bailout programme

The Government of Ghana has declared the successful conclusion of its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), marking the end of the country’s financial bailout arrangement well ahead of schedule.
The announcement signals a significant restoration of macroeconomic stability and debt sustainability following challenges that derailed the programme at the end of 2024.
In a statement issued by the Minister for Information, Felix Kwakye Fosu, the government credited President John Mahama’s administration for acting decisively in 2025 to bring the programme back on track through frontloaded fiscal consolidation, bold expenditure rationalisation, and comprehensive structural reforms.
“These efforts have delivered tangible results as inflation has reduced significantly, the cedi has strengthened markedly, public debt as a share of Gross Domestic Product (GDP) has declined sharply, and economic growth has rebounded strongly,” the statement said.
The government highlighted a notable improvement in Ghana’s sovereign credit ratings, which have risen from restricted default (junk status) to ‘B’ with a positive outlook — representing five distinct rating upgrades. This improvement reflects better fiscal performance, normalised relations with creditors, stronger external buffers, and renewed investor confidence.
Ghana’s gross international reserves have also reached an all-time high of approximately US$14.5 billion by February 2026, providing nearly six months of import cover. According to the statement, these buffers position the country to better withstand external shocks and reduce reliance on external bailouts.
“This announcement marks the definitive end of Ghana’s financial bailout relationship with the IMF,” the statement added.
The government expressed profound gratitude to the people of Ghana for their sacrifices, resilience, and patience throughout the programme.
Going forward, Ghana will transition to the IMF’s Policy Coordination Instrument (PCI), a non-financing technical assistance framework designed to support ongoing economic reforms, demonstrate policy commitment, and help unlock financing from private investors and development partners.
The announcement follows a visit by an IMF staff team, led by Ruben Atoyan, from April 29 to May 15, 2026. The team conducted the 2026 Article IV consultation, completed the sixth and final review of the ECF arrangement, and discussed the government’s request for the PCI. They engaged with senior government officials and various stakeholders.
President Mahama and his administration reaffirmed their commitment to good governance, prudent economic management, fiscal discipline, and creating an enabling environment for both domestic and foreign investment.