Ghana has completed its three-year bailout programme with the International Monetary Fund (IMF), marking a major milestone in the country’s economic recovery and opening a new chapter focused on policy support rather than direct financial assistance.
The IMF announced that Ghana has concluded its Extended Credit Facility (ECF)-supported programme and is set to transition to a 36-month Policy Coordination Instrument (PCI), a non-financing arrangement designed to help countries maintain macroeconomic stability and advance structural reforms.
The announcement was made by IMF mission chief Ruben Atoyan at the end of an IMF mission to Accra from April 29 to May 15, 2026, during which the Fund conducted Ghana’s 2026 Article IV consultation, the sixth and final review of the ECF arrangement, and discussions on the new PCI.
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According to the IMF, Ghana’s reform programme has delivered substantial macroeconomic stabilisation gains, including:
- Rapidly declining inflation
- Improved foreign exchange reserves
- Stronger confidence in the Ghana cedi
- Significant progress in restoring debt sustainability
- Better fiscal performance
- Renewed investor confidence
The Fund noted that Ghana’s primary fiscal surplus exceeded targets in 2025, while the public debt-to-GDP ratio dropped sharply due to stronger economic growth and robust gold export earnings.
The IMF also stated that programme implementation remained broadly satisfactory, with most performance targets met despite delays in some structural reforms.
The IMF highlighted important advances in Ghana’s debt restructuring process under the G20 Common Framework.
According to the Fund, Ghana has already reached agreements with about half of its official bilateral creditors and continues to make progress toward finalising deals with the remaining creditors.
The successful return to domestic treasury bond issuance was cited as further evidence that investor confidence is steadily improving.
Unlike the ECF arrangement, the new PCI does not provide financial support. Instead, it offers policy guidance and monitoring to help Ghana sustain economic gains and avoid a return to fiscal instability.
The PCI will focus on:
- Growth-friendly fiscal consolidation
- Debt sustainability
- Improved fiscal transparency
- Stronger governance in state-owned enterprises
- Enhanced monetary and exchange rate frameworks
- Better public financial management
The IMF said improved debt dynamics have created carefully calibrated fiscal space that will allow the government to invest in development projects, youth employment programmes, and social interventions while maintaining Ghana’s debt target of 45 percent of GDP by 2034.
Despite the positive outlook, the IMF cautioned that Ghana must remain disciplined to preserve its gains.
The Fund stressed the importance of: Tight control of contingent liabilities; Stronger oversight of state-owned enterprises; Limiting quasi-fiscal activities; Improving debt management; and Maintaining public financial discipline.
The IMF specifically flagged concerns surrounding the Bank of Ghana’s Domestic Gold Purchase Programme and urged authorities to prevent activities that could weaken the central bank’s balance sheet.
The Fund welcomed progress in recapitalising banks and phasing out regulatory forbearance, but called for additional measures to reduce non-performing loans and strengthen state-owned financial institutions.
In the energy sector, the IMF urged reforms at the Electricity Company of Ghana (ECG) to reduce losses and improve financial discipline.
In the cocoa sector, it is recommended that deeper structural reforms be implemented to safeguard the long-term viability of the Ghana Cocoa Board (COCOBOD).
The IMF also encouraged Ghana to strengthen anti-corruption systems by improving transparency and making asset declarations publicly available, subject to privacy protections.
“The IMF staff team commends the resilience and determination of the Ghanaian people and thanks the authorities for their constructive engagement,” Mr Atoyan said.
He added that maintaining prudent macroeconomic policies and accelerating structural reforms will be crucial to entrenching stability, boosting investor confidence, and supporting inclusive private-sector-led growth.