By Ashiadey Dotse
The Government of Ghana has announced the successful completion of its Extended Credit Facility (ECF) bailout programme with the International Monetary Fund, marking what it described as the end of the country’s financial bailout relationship with the global lender.
In a statement issued on Friday, May 15, 2026, Presidential Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu, said the achievement represents the restoration of macroeconomic stability and debt sustainability ahead of schedule.
According to the statement, the government of John Dramani Mahama took decisive steps in 2025 to restore the IMF-supported programme after it was derailed at the end of 2024.
The statement said the government implemented major fiscal reforms, expenditure cuts and structural measures that helped stabilise the economy.
It noted that inflation has reduced significantly, the Ghana cedi has strengthened, public debt levels have declined sharply, and economic growth has rebounded strongly.
Government also announced that Ghana’s sovereign credit ratings have improved from restricted default status to a “B” rating with a positive outlook, representing five levels of upgrades.
According to the statement, the country’s gross international reserves reached about US$14.5 billion by February 2026, providing nearly six months of import cover.
The government said the reserve growth gives Ghana enough capacity to withstand external economic shocks and operate without depending on bailout financing.
Following the completion of the ECF programme, Ghana will now engage the IMF through a Policy Coordination Instrument (PCI), which the government described as a non-financing technical assistance arrangement.
The PCI, according to the statement, will support Ghana’s economic reform agenda, strengthen investor confidence and help attract funding from private investors and development partners without providing direct bailout funds.
Government said the arrangement would also support efforts to achieve an investment-grade credit rating, which could lower borrowing costs, attract long-term investments and increase financing opportunities for infrastructure and private sector development.
The statement added that the Mahama administration remains committed to prudent economic management, fiscal discipline and creating a favourable environment for both local and foreign investment.
Government expressed gratitude to Ghanaians for their sacrifices and resilience during the implementation of the IMF programme, and also thanked bilateral creditors, investors and the Official Creditor Committee for their support.
