The Government of Ghana has announced the successful completion of its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF), declaring an end to the country’s financial bailout arrangement after a period of economic crisis and fiscal reforms.
In a statement issued Friday, Minister for Government Communications Felix Kwakye Fosu said the conclusion of the programme marks the restoration of macroeconomic stability and debt sustainability ahead of the original schedule.
The government said the programme, which faced setbacks at the end of 2024, was brought back on track in 2025 under President John Mahama through aggressive fiscal consolidation measures, expenditure cuts and structural reforms.
“Following the derailment of the IMF financial bailout programme at the end of 2024, the government of President John Mahama in 2025 acted decisively to bring it back on track and recalibrate it through frontloaded fiscal consolidation, bold expenditure rationalisation and strong structural reforms,” the statement said.
Authorities said the reforms had produced significant improvements across key economic indicators, including lower inflation, a stronger local currency, declining debt levels and a rebound in economic growth.
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According to the government, Ghana’s sovereign credit ratings have also improved from restricted default status to a “B” rating with a positive outlook, representing five levels of upgrades by international rating agencies.
The statement said the improved ratings reflected stronger fiscal performance, improved relations with creditors, higher foreign reserves and renewed investor confidence.
Ghana’s gross international reserves have risen to approximately $14.5 billion as of February 2026, equivalent to nearly six months of import cover, the government added.
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“These foreign exchange reserve buffers provide Ghana with the capacity to withstand external shocks and stand on its own feet,” the statement said.
The government described the development as the “definitive end” of Ghana’s financial bailout relationship with the IMF.
Ghana entered the IMF programme after facing one of its worst economic crises in decades, marked by soaring inflation, rapid currency depreciation, rising debt levels and loss of access to international capital markets.
The crisis forced the government to restructure both domestic and external debt under agreements reached with bondholders and bilateral creditors.
Since then, authorities have pursued fiscal tightening and reforms aimed at restoring macroeconomic stability, rebuilding investor confidence and supporting economic recovery.
The announcement is expected to be closely watched by investors and financial markets, as Ghana seeks to re-establish itself as one of West Africa’s more stable economies following years of severe financial stress.
