Ghana’s $3bn IMF programme has ended after the International Monetary Fund (IMF) Executive Board approved the final review of the country’s Extended Credit Facility (ECF). The decision clears the way for a final disbursement of about $371 million, the Ministry of Finance announced on Monday.
The approval brings to a successful conclusion the three-year IMF-supported programme, which began in May 2023 following Ghana’s 2022 economic crisis.
“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, bringing the bailout programme, which began in May 2023 following the 2022 economic crisis, to a successful conclusion,” the ministry said in a statement.
According to the ministry, the approval also unlocks a final disbursement of approximately $371 million to support Ghana’s balance of payments, bringing total disbursements under the programme to about $3 billion.
With the ECF programme now concluded, the government said it would begin a new phase of engagement with the IMF through a 36-month, non-financing Policy Coordination Instrument (PCI), aimed at supporting its reform agenda and sustaining confidence in Ghana’s economic policies.
The government thanked the Ghanaian people for their resilience and support throughout the reform programme and expressed appreciation to the IMF Executive Board, management and staff, development partners, civil society and the private sector for their continued backing.
It also pledged to protect the gains achieved under the programme by implementing reforms to build what it described as “a stronger, more resilient, and more prosperous economy for all Ghanaians.”
