Ghana has successfully completed its Extended Credit Facility (ECF) financial bailout programme with the International Monetary Fund (IMF), significantly ahead of its original schedule. This milestone signals the restoration of macroeconomic stability and national debt sustainability. The government attributes this achievement to decisive actions taken by President John Mahama's administration since 2025.
These actions included a frontloaded fiscal consolidation, bold expenditure rationalisation, and strong structural reforms. The successful implementation of these measures led to tangible improvements across key economic indicators. Inflation has reduced significantly, and the Ghana Cedi has strengthened markedly against major currencies. Public debt, measured as a percentage of Gross Domestic Product (GDP), has declined sharply, and economic growth has experienced a strong rebound.
This completion places Ghana firmly on a path of economic recovery and improved international standing. The nation's sovereign credit ratings have seen a significant upgrade, moving from a 'restricted default' or 'Junk Status' to 'B' with a positive outlook. This represents an improvement of five distinct rating levels. This positive shift reflects improved fiscal performance, normalised creditor relations, stronger external financial cushions, and renewed confidence from global markets.
Felix Kwakye Fosu, Minister for Information, stated that these efforts have delivered tangible results. He highlighted that Ghana's gross international reserves reached an all-time high of approximately US$14.5 billion by February 2026. This figure provides import cover for almost six months, significantly bolstering the nation's capacity to withstand external economic shocks independently.
Going forward, Ghana will engage with the IMF's Policy Coordination Instrument (PCI). This non-financing instrument functions as a form of technical assistance. It helps countries implement economic reforms, signals commitment to sound policies, and aims to attract financing from private investors and other development partners. The government expressed gratitude to Ghanaians for their sacrifices and resilience during the bailout period. President John Mahama and his administration remain committed to good governance, prudent economic management, and creating an attractive investment environment.
The announcement follows an IMF staff team visit led by Ruben Atoyan from April 29 to May 15, 2026. The team discussed the 2026 Article IV consultation and the sixth and final review of the ECF. Discussions also covered the government's request for the non-financing Policy Coordination Instrument (PCI). The team held meetings with senior officials and a wide range of stakeholders during their visit.