Ghana officially exits IMF bailout programme, adopts non-financing PCI framework
The Government of Ghana has officially announced the successful completion of its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), marking the country’s exit from what officials describe as a financial bailout arrangement.
In a statement issued by Felix Kwakye Ofosu, MP, Spokesperson to the President and Minister for Government Communications, government said the development signifies the restoration of macroeconomic stability and debt sustainability ahead of the programme’s original timeline.
According to the statement, the IMF programme faced setbacks at the end of 2024, but the administration of President John Dramani Mahama undertook decisive measures in 2025 to restore the programme through aggressive fiscal consolidation, expenditure rationalisation and structural economic reforms.
Government said the reforms have yielded significant results, including a sharp decline in inflation, a stronger Ghana cedi, reduced public debt levels and renewed economic growth.
The statement further disclosed 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 by international rating agencies.
Government attributed the improvement to stronger fiscal performance, better relations with creditors, enhanced external reserves and growing investor confidence in the economy.
Ghana’s gross international reserves reportedly reached an all-time high of approximately US$14.5 billion by February 2026, equivalent to nearly six months of import cover.
“These foreign exchange reserve buffers provide Ghana with the capacity to withstand external shocks and stand on its own feet,” the statement noted.
With the conclusion of the ECF programme, Ghana will now engage the IMF under a Policy Coordination Instrument (PCI), which government described as a non-financing technical assistance framework designed to support policy reforms and strengthen market confidence.
Officials stressed that the PCI is not a bailout programme and does not involve direct financial support from the IMF. Instead, it will provide policy guidance, technical assistance and help attract financing from development partners and private investors.
Government believes the new arrangement will support Ghana’s efforts to attain an Investment Grade credit rating, which is expected to lower borrowing costs, attract long-term investors and unlock cheaper financing for infrastructure and private sector growth.
The statement also expressed gratitude to Ghanaians for their sacrifices and resilience during the economic recovery process, while thanking bilateral creditors, the Official Creditor Committee and investors for their support.
President Mahama’s administration reaffirmed its commitment to prudent economic management, fiscal discipline, good governance and creating a favourable environment for investment, job creation and sustainable development.
