The Government of Ghana has announced the successful conclusion of its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), marking what it describes as a major step in the country’s return to macroeconomic stability and debt sustainability.

According to a statement issued by the Spokesperson to the President and Minister for Government Communications, Felix Kwakye Ofosu, the conclusion of the programme reflects “the restoration of macroeconomic stability and debt sustainability, well ahead of the original timeline.”

The government explained that following challenges that affected the programme at the end of 2024, the administration of President John Dramani Mahama undertook a series of corrective measures in 2025.

These included fiscal consolidation, expenditure rationalisation, and structural reforms aimed at restoring economic stability.

The statement noted that these interventions have contributed to a decline in inflation, a strengthening of the Cedi, and a reduction in public debt as a percentage of GDP, alongside a rebound in economic growth.

It further indicated that Ghana’s sovereign credit rating has improved significantly from “restricted default” to a “B” rating with a positive outlook, describing this as a five-notch upgrade reflecting renewed investor confidence, improved fiscal performance, and stronger external buffers.

Government also disclosed that gross international reserves have risen to an estimated US$14.5 billion as of February 2026, providing nearly six months of import cover.

It said the reserve build-up enhances the country’s resilience against external economic shocks.

The statement described the development as the “definitive end” of Ghana’s IMF financial bailout programme, expressing gratitude to citizens, bilateral creditors, the Official Creditor Committee (OCC), and investors for their contributions and sacrifices during the adjustment period.

Going forward, Ghana will engage the IMF under a Policy Coordination Instrument (PCI), a non-financing arrangement designed to support policy implementation, strengthen reform credibility, and enhance investor confidence.

Government stressed that the PCI will serve as a technical support framework rather than a financing programme, while helping to attract private capital, development partner support, and improve access to international markets.

It added that the arrangement is expected to complement efforts to achieve investment-grade credit status, reduce borrowing costs, stimulate foreign direct investment, and support infrastructure and private sector development.

President Mahama’s administration reaffirmed its commitment to fiscal discipline, prudent economic management, and policies aimed at improving livelihoods and strengthening Ghana’s investment climate.