The International Monetary Fund (IMF) Executive Board has officially approved the final review of Ghana’s US$3 billion Extended Credit Facility (ECF) programme, successfully concluding the bailout initiative that began in May 2023 in response to the economic challenges of 2022.
This approval paves the way for a final disbursement of approximately US$371 million to the Bank of Ghana, bringing the total disbursements under the programme to a substantial US$3 billion.
In a statement released by the Finance Ministry on July 27, it was highlighted that the successful completion of the programme demonstrates the significant strides Ghana has made toward achieving economic stability. Throughout this period, the government has upheld fiscal discipline, effectively reduced inflation, bolstered external reserves, and implemented crucial reforms that lay the groundwork for sustainable economic growth.
With the ECF programme now concluded, Ghana is set to embark on a new phase of engagement with the IMF through a 36-month Policy Coordination Instrument (PCI), which is a non-bailout initiative. This PCI aims to support the government’s reform agenda and enhance confidence in Ghana’s economic policies.
The government expressed profound gratitude to the people of Ghana for their resilience, patience, and steadfast support during the reform process. Additionally, it extended its appreciation to the IMF Executive Board, IMF Management and Staff, development partners, civil society, and the private sector for their ongoing assistance.
The commitment remains strong to preserve the progress achieved thus far and to continue implementing reforms that will foster a stronger, more resilient, and prosperous economy for all Ghanaians.
