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, marking the successful completion of the country’s three-year bailout arrangement.
The approval paves the way for the release of a final disbursement of about US$371 million to the Bank of Ghana, bringing the total amount received under the programme to US$3 billion.
The Ministry of Finance, in a statement issued on Monday, July 27, said the completion of the programme reflects Ghana’s progress in restoring macroeconomic stability since the facility was launched in May 2023 following the country’s 2022 economic crisis.
The ministry said the government had maintained fiscal discipline, lowered inflation, strengthened external reserves and implemented key structural reforms aimed at supporting long-term economic growth.
Following the completion of the ECF programme, Ghana is expected to transition to a 36-month Policy Coordination Instrument (PCI) with the IMF. Unlike the ECF, the PCI does not provide financing but is designed to support the government’s reform agenda and reinforce confidence in the country’s economic policies.
The government also expressed gratitude to Ghanaians for their resilience and support throughout the implementation of the programme.
It further thanked the IMF Executive Board, IMF management and staff, development partners, civil society organisations and the private sector for their contributions to the programme’s success.
According to the ministry, the government remains committed to preserving the gains made under the programme while pursuing reforms to strengthen the economy and promote sustainable growth.
Story By: Moudlyn Dzefe
