The Government has announced the successful conclusion of its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), marking what officials describe as the end of the country’s financial bailout relationship with the global lender.
In a statement issued on Friday, May 15, 2026, the Presidency said the achievement represents a major milestone in restoring macroeconomic stability and debt sustainability ahead of schedule under the administration of President John Dramani Mahama.
According to the statement signed by Presidential Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu, the Mahama administration took decisive steps in 2025 to revive the IMF programme after it reportedly derailed at the end of 2024.
The government said it implemented aggressive fiscal consolidation measures, expenditure rationalisation, and structural reforms aimed at stabilising the economy and restoring investor confidence.
The Presidency noted that the reforms have yielded significant improvements across key economic indicators, including a sharp decline in inflation, strengthening of the Ghana cedi, reduction in public debt relative to GDP, and a strong rebound in economic growth.
It further revealed that Ghana’s sovereign credit ratings had improved from “restricted default” or junk status to a “B” rating with a positive outlook, representing five levels of upgrades.
According to the statement, the improved ratings reflect stronger fiscal performance, better creditor relations, increased external reserves, and renewed confidence from investors and financial markets.
Government also disclosed that Ghana’s gross international reserves had reached an all-time high of approximately US$14.5 billion by February 2026, providing nearly six months of import cover.
The statement said the strong reserve position would help the country withstand external economic shocks and strengthen its financial independence.
Despite exiting the financial bailout arrangement, Ghana will continue its engagement with the IMF through a Policy Coordination Instrument (PCI), which the government clarified is a non-financing technical assistance programme.
The Presidency explained that the PCI would support Ghana in implementing economic reforms, enhancing policy credibility, and attracting financing from private investors and development partners without offering direct bailout funds.
“For the avoidance of doubt, the PCI does not provide financial bailout,” the statement stressed, adding that the framework would instead provide capacity development support, boost market confidence, and catalyse fresh investments into the Ghanaian economy.
Government believes the new arrangement will complement efforts to secure an investment-grade credit rating, which could significantly reduce borrowing costs for both the government and private sector while attracting long-term foreign investment.
The statement added that achieving investment-grade status would unlock cheaper financing for infrastructure development, stimulate private sector growth, create jobs, and improve living standards.
The government expressed gratitude to Ghanaians for their sacrifices and resilience throughout the economic recovery process, while also acknowledging the support of bilateral creditors, the Official Creditor Committee (OCC), domestic investors, and external partners.
President John Dramani Mahama, according to the statement, remains committed to prudent economic management, fiscal discipline, good governance, and creating an enabling environment for local and international investment.
By 1960news.com
