The Executive Board of the International Monetary Fund (IMF) has given approval for the final assessment of Ghana’s $3 billion Extended Credit Facility (ECF), clearing the path for a last payment of roughly $371 million to the country, the Ministry of Finance announced on Monday, Junly 27.
The decision marks the end of the three-year IMF-backed arrangement, which started in May 2023 in the wake of Ghana’s 2022 economic downturn.
“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 stated.
Per the ministry, the sign-off also releases a final tranche of about $371 million to help Ghana’s balance of payments, pushing total funds received under the programme to nearly $3 billion.Government said the completion of the arrangement reflected “the significant progress Ghana has made in ensuring economic stability,” pointing to budget discipline, reduced inflation, improved external reserves and the rollout of key structural reforms.
With the ECF now wrapped up, the government noted it will enter a new stage of collaboration with the IMF through a 36-month, non-financing Policy Coordination Instrument (PCI) designed to back its reform plans and maintain investor confidence in Ghana’s economic direction.
The government expressed gratitude to Ghanaians for their patience and support during the reform period and also thanked the IMF Board, leadership and staff, development partners, civil society and the business community for their steady support.
It further committed to safeguarding the progress made under the programme by rolling out reforms to build what it called “a stronger, more resilient, and more prosperous economy for all Ghanaians.”
