IMF Board Approves Final Review of Ghana’s $3bn ECF Programme

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 bailout programme to a successful conclusion.

In a press release, the Ministry of Finance said the approval, which follows the programme that began in May 2023 after the 2022 economic crisis, also unlocks a final disbursement of approximately US$371 million to the Bank of Ghana.

This brings total disbursements under the ECF to US$3 billion.

The Ministry said the successful completion of the programme reflects significant progress made by Government in ensuring economic stability.

According to the release, Government maintained fiscal discipline, reduced inflation, strengthened external buffers, and implemented key reforms that have laid the foundation for sustained economic growth.

With the ECF programme now complete, Ghana will begin a new 36-month, non-bailout Policy Coordination Instrument [PCI] with the IMF.

The Ministry explained that the PCI is a non-financing arrangement that will support the Government’s reform agenda and help sustain confidence in Ghana’s economic policies.

Government expressed its sincere appreciation to the people of Ghana for their resilience, patience, and support throughout the reform programme.

It also thanked the IMF Executive Board, IMF Management and Staff, development partners, civil society, and the private sector for their continued support.

The Ministry reaffirmed that Government remains committed to protecting the gains achieved so far and to implementing ongoing reforms to build a stronger, more resilient, and more prosperous economy for all Ghanaians.

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