The International Monetary Fund (IMF) Executive Board has approved the sixth and final review of Ghana’s $3 billion Extended Credit Facility (ECF) programme, unlocking a final disbursement of about $371 million and bringing the country’s three-year bailout programme to a close.
The approval marks the completion of the IMF-backed programme launched in May 2023 to restore macroeconomic stability following Ghana’s 2022 economic crisis.
Ghana will now transition to a 36-month Policy Coordination Instrument (PCI), a non-financing arrangement designed to support continued economic reforms, strengthen policy credibility and bolster investor confidence.
While the bailout programme has ended, the IMF said Ghana must continue implementing reforms to safeguard macroeconomic stability, maintain fiscal discipline and strengthen long-term economic resilience.
Below are the key priorities outlined by the Fund for Ghana’s post-programme economic agenda.
Use the PCI to sustain investor confidence
The IMF urged Ghana to use the new Policy Coordination Instrument as the anchor for its reform programme. Although the PCI does not provide financial support, it serves as a signal to investors, development partners and credit rating agencies of the country’s commitment to sound economic policies.
Strengthen domestic revenue mobilisation
The Fund identified stronger domestic revenue collection as essential to Ghana’s fiscal sustainability, calling on the government to broaden the tax base, improve tax administration and increase revenue to finance development spending while reducing dependence on borrowing.
Safeguard Bank of Ghana’s independence
The IMF said preserving the operational independence of the Bank of Ghana (BoG) remains critical to maintaining monetary policy credibility. It urged the central bank to permanently discontinue quasi-fiscal operations and complete the transfer of its domestic gold purchase programme to GoldBod.
Complete BoG recapitalisation
The Fund said Ghana should honour its commitment to recapitalise the Bank of Ghana by 2032, noting that a stronger central bank balance sheet is essential for maintaining financial stability.
Finalise external debt restructuring
Although Ghana has reached agreements with official creditors and most commercial creditors, the IMF said negotiations with a small group of external commercial creditors remain outstanding and should be concluded through good-faith negotiations.
Strengthen oversight of state-owned enterprises
The IMF identified state-owned enterprises in the energy and cocoa sectors as major fiscal risks and called for stronger governance, improved financial oversight and reforms to prevent future debt accumulation.
Keep public debt on a sustainable path
The Fund urged the government to maintain fiscal discipline and keep public debt on track to reach its target of 45% of GDP by 2034, stressing that public spending should remain consistent with long-term debt sustainability.
Address financial sector vulnerabilities
While acknowledging improved resilience in Ghana’s financial sector, the IMF said vulnerabilities remain in some state-owned and private banks as well as specialised deposit-taking institutions. It recommended stronger supervision, timely corrective action and completion of the country’s financial sector crisis management framework.
Expand social protection
The IMF said fiscal consolidation should be accompanied by stronger social protection measures, urging the government to channel improved fiscal performance into programmes that support vulnerable households and promote inclusive, private sector-led growth.
Advance governance and anti-corruption reforms
The Fund also called for stronger governance reforms to sustain investor confidence, including effective implementation of the revised asset declaration framework and the timely passage of the Conduct of Public Officials Bill currently before Parliament.
The IMF said sustained implementation of these reforms would be critical to preserving Ghana’s macroeconomic gains, strengthening economic resilience and supporting long-term growth in the post-bailout period.
