The International Monetary Fund (IMF) Executive Board has approved the final review of Ghana’s $3 billion Extended Credit Facility (ECF) programme, clearing the way for the release of a final disbursement of approximately $371 million.
The approval officially concludes Ghana’s three-year IMF-supported programme, which commenced in May 2023 in response to the country’s economic crisis in 2022.
Announcing the development in a statement on Monday, the Ministry of Finance described the decision as a significant milestone in Ghana’s economic recovery efforts.
“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 bailout programme, which began in May 2023 following the 2022 economic crisis, to a successful conclusion.”
According to the ministry, the latest approval unlocks a final tranche of about $371 million to strengthen Ghana’s balance of payments, bringing total disbursements under the programme to approximately $3 billion.
The government said the successful completion of the programme reflects the country’s progress in restoring macroeconomic stability, pointing to improved fiscal discipline, easing inflation, stronger external reserves and the implementation of key structural reforms.
With the ECF programme now completed, Ghana is expected to transition to 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 arrangement designed to support the government’s ongoing reform agenda while reinforcing confidence in the country’s economic management.
The government expressed gratitude to Ghanaians for their resilience and support throughout the implementation of the programme. It also thanked the IMF Executive Board, its management and staff, development partners, civil society organisations and the private sector for their continued support during the reform process.
Reaffirming its commitment to safeguarding the progress made, the government pledged to continue implementing policies and reforms aimed at building what it described as “a stronger, more resilient, and more prosperous economy for all Ghanaians.”
