The International Monetary Fund (IMF) Executive Board has completed the sixth and final review of Ghana’s $3 billion Extended Credit Facility (ECF) program, and approved a final disbursement of SDR 265.9 million, equivalent to about $371 million.

The decision, announced on July 27, 2026, also concluded Ghana’s 2026 Article IV consultation and approved a 36-month Policy Coordination Instrument (PCI) to support the country’s continued economic reforms after the completion of the ECF arrangement.

The IMF said Ghana’s performance under the program had been broadly satisfactory, with significant progress made in stabilizing the economy and improving debt sustainability. It highlighted a sharp decline in inflation, stronger foreign reserves, a return to primary fiscal surplus and an upgrade of Ghana’s debt distress risk from high to moderate.

According to the IMF, Ghana’s economy grew by 6 per cent in 2025, while inflation fell to 5.4 per cent by the end of 2025 and 5.3 per cent in June 2026. Gross international reserves nearly doubled to $11.9 billion by the end of 2025, equivalent to four months of import cover.

The Fund also noted progress in Ghana’s debt restructuring efforts, with agreements reached with several bilateral and commercial creditors. It said continued reforms under the new PCI would be critical to maintaining economic stability, improving revenue mobilisation and supporting private sector-led growth.

The IMF urged Ghana to strengthen public financial management, improve oversight of state-owned enterprises, protect central bank independence and complete reforms in the financial sector.

Deputy Managing Director Bo Li said Ghana’s sustained reform efforts, supported by favourable commodity prices, had delivered major gains in macroeconomic stability and debt sustainability.

The IMF said the new PCI would help anchor Ghana’s reform agenda beyond the ECF programme and support efforts to address development priorities while maintaining debt sustainability.