ACCRA, July 28 – The International Monetary Fund (IMF) has completed the sixth and final review of Ghana’s $3 billion Extended Credit Facility (ECF) programme, paving the way for a final disbursement of approximately $371 million to the West African nation.
The approval by the IMF’s Executive Board marks the conclusion of the financial assistance programme that Ghana entered in 2022 to address its worst economic crisis in a generation.
In a statement, IMF Deputy Managing Director Bo Li said Ghana’s implementation of the programme had been broadly satisfactory.
According to Li, “Ghana’s performance under the programme has been broadly satisfactory, with sustained reform efforts and favourable commodity price developments helping to stabilise the economy and lower debt risks.”
Ghana, one of Africa’s leading producers of oil, gold and cocoa, sought IMF assistance after years of high public spending, the economic impact of the COVID-19 pandemic, the effects of Russia’s invasion of Ukraine and rising global interest rates significantly increased debt-servicing costs, weakened the cedi and pushed inflation sharply higher.
The country reached a staff-level agreement with the IMF in May 2026 on the final programme review, with the latest Executive Board approval formally authorising the release of the remaining funds.
The IMF noted that Ghana’s comprehensive debt restructuring is now largely complete, reducing the country’s risk of debt distress.
Li said “Ghana’s comprehensive debt restructuring was largely complete and its risk of not being able to service its debt had returned to moderate. Continued reforms and strict fiscal discipline would be essential to address remaining vulnerabilities.”
The Fund also commended the Bank of Ghana for helping to reduce inflation and rebuild external reserves, while highlighting additional reforms needed to strengthen the country’s financial system.
According to Li, the central bank should continue safeguarding its independence, transfer its domestic gold purchase programme to the Gold Board, and implement its bank recapitalisation strategy.
The IMF further urged Ghana to continue strengthening financial sector oversight.
Li said the country should press ahead with “decisive corrective measures, robust supervision, and finalisation of the crisis management and resolution framework,” while also enacting conduct laws for public officials to strengthen governance and accountability.
The completion of the IMF programme marks an important milestone in Ghana’s economic recovery, although the Fund stressed that maintaining reform momentum and fiscal discipline will be critical to preserving macroeconomic stability and sustaining investor confidence.
