Ghana has officially exited its Extended Credit Facility (ECF) bailout programme with the International Monetary Fund (IMF), marking what the government says is a major milestone in the country’s economic recovery journey.

In a statement released on Friday, May 15, 2026, the government announced that the programme had been successfully concluded ahead of schedule, citing significant gains in macroeconomic stability and debt sustainability.

The statement, signed by Minister for Government Communications and Presidential Spokesperson Felix Kwakye Ofosu, stated that the Mahama administration took “decisive” action in 2025 to restore the IMF-supported programme after setbacks experienced at the end of 2024.

According to the government, measures including “frontloaded fiscal consolidation, bold expenditure rationalisation, and strong structural reforms” helped restore confidence in the economy.

“These efforts have delivered tangible results: inflation has reduced significantly, the cedi has strengthened markedly, public debt as a share of GDP has declined sharply, and economic growth has rebounded strongly,” the statement said.

The government added that Ghana’s sovereign credit rating had improved from restricted default to a ‘B’ rating with a positive outlook — an achievement it described as “five distinct rating levels upgrades.”

It further revealed that gross international reserves reached an unprecedented US$14.5 billion by February 2026, providing 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 added.

Following the completion of the bailout programme, Ghana will move to a Policy Coordination Instrument (PCI) arrangement with the IMF — a non-financing framework focused on supporting policy reforms and strengthening investor confidence.

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“The PCI is a form of Technical Assistance engagement with the IMF. It is a non-financing instrument designed to help countries implement economic reforms, signal commitment to policies, and unlock financing from private investors and other development partners,” the statement explained.

“For the avoidance of doubt, the PCI does not provide a financial bailout, but will offer continuous capacity development, confidence boost to the market, and deliver a catalytic effect for fresh financing to Ghana.”

The government believes the new arrangement will help Ghana secure investment-grade status, lower borrowing costs, attract long-term investors, and increase access to cheaper financing for infrastructure and private sector growth.

It also thanked Ghanaians, bilateral creditors, investors, and the Official Creditor Committee for their support and sacrifices throughout the IMF programme.