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 three-year arrangement to a successful conclusion.
The approval, announced by the Ministry of Finance on Monday, July 27, 2026, also clears the way for a final disbursement of approximately US$371 million to the Bank of Ghana.
With the latest disbursement, total funds released to Ghana under the programme will reach US$3 billion.
The ECF programme was launched in May 2023 after Ghana’s 2022 economic crisis, with the objective of supporting the country’s economic recovery and stabilisation efforts.
According to the Ministry of Finance, the successful completion of the programme reflects progress made by Ghana in restoring macroeconomic stability through fiscal discipline, lower inflation, stronger external buffers and structural reforms.
“Government has maintained fiscal discipline, reduced inflation, strengthened external buffers, and implemented key reforms that have laid the foundation for sustained economic growth,” the Ministry said.
Ghana begins new IMF engagement
With the ECF programme now concluded, Ghana is set to enter a new phase of engagement with the IMF through a 36-month Policy Coordination Instrument (PCI).
Unlike the ECF, the PCI is a non-financing instrument, meaning it does not provide new IMF funding. Instead, it is intended to support the government’s reform programme and help maintain confidence in Ghana’s economic policies.
The Ministry said the new arrangement would allow Ghana to continue implementing reforms while protecting the economic gains made under the ECF programme.
The government expressed appreciation to Ghanaians for their resilience, patience and support throughout the economic reform process.
It also thanked the IMF Executive Board, IMF management and staff, development partners, civil society organisations and the private sector for their support.
The Ministry said the government remains committed to safeguarding the progress achieved so far and pursuing further reforms aimed at building a stronger and more resilient economy.
“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.”
