The International Monetary Fund has completed the sixth and final review of Ghana's 39-month Extended Credit Facility, clearing a final disbursement of SDR 265.9 million, about US$371 million, under the US$3 billion programme agreed in May 2023.
The Fund's Executive Board also concluded the 2026 Article IV consultation and considered a request for a 36-month Policy Coordination Instrument. Ghana said in May 2026 that it had officially exited the ECF programme.
In completing the review, the Board approved a waiver for a small, temporary breach of the end-December 2025 ceiling on Bank of Ghana claims on the central government and public entities linked to cost-sharing under the domestic gold purchase programme, citing corrective actions.
The IMF said performance had been broadly satisfactory, with real GDP growth of 6% in 2025, headline inflation down to 5.4% at end-2025, gross international reserves near US$11.9 billion by end-2025, and a primary fiscal surplus of 2.1% of GDP. The risk of debt distress was raised to moderate earlier than expected at programme approval.
Debt restructuring continues: relief agreements aligned with the Official Creditor Committee deal cover more than half of bilateral creditors, with agreements-in-principle for a similar share of external commercial creditors. The Fund said sustained reforms under the new Policy Coordination Instrument would be needed to lock in stability and create space for development spending within debt limits.