IMF approves final review of $3bn bailout as Ghana completes programme

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.

This marks the successful completion of the country's bailout programme that began in May 2023 following the 2022 economic crisis.

The approval unlocks a final disbursement of about US$371 million to the Bank of Ghana, bringing total disbursements under the programme to the full US$3 billion.

It also paves the way for Ghana to transition from the bailout programme to a new 36-month, non-financing Policy Coordination Instrument (PCI) with the IMF to support ongoing economic reforms.

In a press release issued on Monday, July 27, the Ministry of Finance said the completion of the programme reflects the country's progress in restoring macroeconomic stability through fiscal discipline, lower inflation, stronger external buffers and key structural reforms.

"The successful completion of the programme reflects the significant progress Ghana has made in ensuring economic stability. Government has maintained fiscal discipline, reduced inflation, strengthened external buffers, and implemented key reforms that have laid the foundation for sustained economic growth," it read in part.

According to the Ministry, the new Policy Coordination Instrument is not a bailout programme and will instead provide policy support to help sustain confidence in Ghana's economic management while advancing the government's reform agenda over the next 36 months.

The Ministry expressed gratitude to Ghanaians for their support throughout the implementation of the programme and acknowledged the contributions of the IMF, development partners, civil society and the private sector.

"Government remains committed to protecting the gains achieved so far and implementing ongoing reforms to build a stronger, more resilient, and more prosperous economy for all Ghanaians," it added