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, bringing the country’s three-year bailout arrangement to a successful conclusion.

The approval, announced by the Ministry of Finance on Monday, July 27, 2026, unlocks a final disbursement of approximately US$371 million to the Bank of Ghana, bringing total funds released under the programme to about US$3 billion.

The ECF programme, which commenced in May 2023 following Ghana’s 2022 economic crisis, was designed to restore macroeconomic stability, support fiscal reforms and help address the country’s debt challenges.

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The Ministry of Finance said the successful completion of the programme reflected “the significant progress Ghana has made in ensuring economic stability.”

It said government had “maintained fiscal discipline, reduced inflation, strengthened external buffers, and implemented key reforms,” laying the foundation for sustained economic growth.

With the ECF now concluded, Ghana will begin a new phase of engagement with the IMF through a 36-month Policy Coordination Instrument (PCI).

Unlike the ECF, the PCI is a non-financing arrangement and will not provide direct financial support to Ghana. Instead, it will provide a framework for supporting the government’s reform agenda and sustaining confidence in the country’s economic policies.

“With the ECF programme now complete, Ghana will begin a new phase of engagement with the IMF through a 36-month, non-bailout Policy Coordination Instrument (PCI),” the Ministry said.

“This non-financing PCI will support the Government's reform agenda and help sustain confidence in Ghana's economic policies,” it added.

The transition is expected to enable Ghana to consolidate the gains achieved under the IMF-supported programme while continuing to implement key structural and fiscal reforms.

The Ministry of Finance expressed appreciation to Ghanaians for their resilience and support throughout the implementation of the ECF programme.

“Government expresses its sincere appreciation to the people of Ghana for their resilience, patience, and unwavering support throughout the reform programme,” the statement said.

It also thanked the IMF Executive Board, management and staff, development partners, civil society organisations and the private sector for their contributions to the programme.

Government further pledged to protect the gains achieved under the ECF and pursue reforms aimed at strengthening the economy and supporting sustainable growth.

Ghana Successfully Completes IMF Bailout, Secures Final US$371 Million! pic.twitter.com/txozQSHUdk

— Cassiel Ato Forson (PhD) (@Cassielforson) July 28, 2026