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, marking the successful completion of the bailout arrangement introduced in May 2023 after the country’s 2022 economic crisis.
The approval clears the way for the release of a final disbursement of about US$371 million to the Bank of Ghana, bringing the total amount disbursed under the programme to US$3 billion.
In a statement issued on Monday, July 27, the Ministry of Finance said the completion of the programme reflects Ghana’s progress in restoring macroeconomic stability. According to the ministry, the government has maintained fiscal discipline, lowered inflation, strengthened external reserves, and implemented critical reforms to support long-term economic growth.
Following the conclusion of the ECF programme, Ghana will transition to a new 36-month, non-bailout Policy Coordination Instrument (PCI) with the IMF. The ministry explained that the non-financing arrangement will help advance the government’s reform agenda while reinforcing confidence in the country’s economic policies.
The government expressed gratitude to Ghanaians for their resilience and support throughout the reform process.
“Government also thanks the IMF Executive Board, IMF Management and Staff, development partners, civil society, and the private sector for their continued support,” the statement said.
The government reaffirmed its commitment to preserving the gains made under the programme and pursuing further reforms aimed at building a stronger, more resilient, and more prosperous economy for all Ghanaians.
By: Prince Martey-Sogar