… y multilateral debt relief in 2006Ghana received about US$3.5 billion in nominal HIPC debt relief and external debt fell dramatically52014 to 2019Large deficits, rising interest expenditure, cedi depreciation and expensive domestic borrowingThree-year IMF Extended Credit Facility …
… Ghana’s US3 billion, 39-month Extended Credit Facility (ECF) programme has reached its final review, with the IMF approving the final US371 million disbursement bringing total financing under the program to US$3 billion. …
… Fact-checkers must get to work.” Mr Gyamfi said the first relevant document was the IMF’s recent review under Ghana’s Extended Credit Facility (ECF) programme. …
… fiscal risks in the energy sector. The sector shortfall declined to US$1.4 billion in 2025 from US$1.6 billion in 2024, but remained a significant pressure on public finances. The IMF said in its 2026 Article IV Consultation and Sixth Review under the Extended Credit Facility …
… By the IMF’s own assessment, Ghana consistently exceeded its Net International Reserve targets under the Extended Credit Facility programme, with the Fund acknowledging that this outperformance was “notably due to the large-scale deployment of the Domestic Gold Purchase Programme …
… The report was released after the IMF Executive Board concluded the sixth and final review of Ghana’s Extended Credit Facility (ECF) programme and approved the country’s transition to a 36-month Policy Coordination Instrument (PCI). …
… The warning is contained in the IMF Staff Report submitted to the Fund’s Executive Board on July 27 ahead of the approval of Ghana’s Sixth Review under the Extended Credit Facility (ECF) programme. …
… His remarks follow government’s transition from the IMF’s Extended Credit Facility (ECF) programme, which ended after Ghana completed the three-year reform programme, to the Policy Coordination Instrument, a non-financing arrangement designed to monitor and coordinate macroeconom …
… The Fund said the corrective action contributed to the Executive Board’s approval of Ghana’s final US$371 million disbursement under the Extended Credit Facility (ECF), bringing total programme disbursements to US$3 billion. …
The International Monetary Fund (IMF) has approved the final review of Ghana’s US$3 billion Extended Credit Facility (ECF) programme, bringing the country’s bailout programme to an end after three years. …
Ghana paid GH¢10.82 billion to Domestic Debt Exchange Programme bondholders on 19 August 2026 entirely in cash, bringing total DDEP payments since 2025 to GH¢41.36 billion. The article traces Ghana's debt crises from independence through the 2022 DDEP, during which the government had to restructure obligations held by domestic banks, pension funds, insurers, institutions and citizens.
Ghana paid GH¢10.82 billion to Domestic Debt Exchange Programme bondholders on 19 August 2026 entirely in cash, bringing total DDEP payments since 2025 to GH¢41.36 billion. The article traces Ghana's debt crises from independence through the 2022 DDEP, during which the government had to restructure obligations held by domestic banks, pension funds, insurers, institutions and citizens.
Ghana's US$3 billion Extended Credit Facility with the IMF has concluded with final approval of a US$371 million disbursement. The country has requested a new 36-month Policy Coordination Instrument, which provides policy guidance rather than financial disbursements, as Ghana's economic metrics—including 5.3% headline inflation, 6.4% year-on-year GDP growth, and US$11.9 billion in reserves—have improved substantially.
The Ghana Gold Board CEO rejected claims that the IMF attributed $1.7 billion losses to GoldBod, stating the IMF identified the Domestic Gold Purchase Programme as the source and that GoldBod was established later to take over the programme's activities. He said Ghana recorded about $400 million in losses from gold sales under the DGPP in 2024, rising to more than $1.7 billion in 2025 following programme expansion, with the IMF linking the losses to scaling-up, service fees, discounts, and foreign-exchange effects.
The International Monetary Fund has urged Ghana to sustain quarterly electricity tariff adjustments to reduce fiscal risks in the energy sector, noting that the sector shortfall declined to US$1.4 billion in 2025 from US$1.6 billion in 2024 but remains a significant pressure on public finances.
The IMF recommended the Bank of Ghana reassess its Domestic Gold Purchase Programme due to concerns about its impact on the central bank's balance sheet, citing a quasi-fiscal loss of about US$214 million from trading activities, fees and exchange-rate movements. An accompanying analysis argues the programme should be evaluated for economic benefits—such as strengthening foreign exchange buffers and macroeconomic stability—rather than accounting costs alone.
The IMF has cautioned Ghana that its recent macroeconomic recovery, driven largely by exceptionally high international gold prices, carries significant downside risk to long-term economic resilience. The warning was made in the IMF's 2026 Article IV Consultation report, released after the Executive Board approved Ghana's transition to a 36-month Policy Coordination Instrument.
The IMF has cautioned Ghana that its recent fuel subsidy measures, including a GH¢2 subsidy per litre of diesel for August costing about GH¢500 million, must remain temporary and carefully targeted to avoid undermining fiscal gains and weakening government revenue.
The Minority in Parliament has called on the Mahama administration to fully brief Parliament on Ghana's new IMF engagement, arguing that the absence of fresh financing under the Policy Coordination Instrument does not absolve government of its responsibility to ensure transparency and parliamentary scrutiny of the arrangement.
The IMF approved Ghana's final US$371 million disbursement under its Extended Credit Facility after acknowledging corrective measures by the Bank of Ghana to end temporary government financing that had breached lending limits. The BoG reaffirmed its commitment to zero monetary financing of government budgets to safeguard price stability and protect the cedi.
The IMF has approved the final review of Ghana's three-year Extended Credit Facility programme, unlocking a final disbursement of $371 million and bringing total receipts to $3 billion. Ghana will now transition to a 36-month Policy Coordination Instrument with the IMF to support ongoing economic reforms without providing new financing.
The IMF Executive Board has approved the final review of Ghana's three-year US$3 billion Extended Credit Facility programme, unlocking a final disbursement of approximately US$371 million and bringing total disbursements to the full US$3 billion. The Ministry of Finance described the completion as a major milestone in Ghana's economic recovery, reflecting progress in restoring macroeconomic stability through fiscal discipline and structural reforms.
Ghana has completed its three-year Extended Credit Facility with the IMF, with the Board approving a final disbursement of US$371 million. The Finance Ministry said the completion reflects progress in fiscal discipline, reduced inflation, and strengthened external buffers, and Ghana will now move into a 36-month Non-Bailout Policy Coordinating Instrument with the IMF.
Ghana's three-year Extended Credit Facility programme with the IMF has been completed after the Fund's Executive Board approved the country's final review. The approval is expected to trigger the disbursement of more than US$300 million to Ghana and a new Policy Coordination Instrument, marking the end of the arrangement begun in 2023.
The IMF Executive Board is expected to approve Ghana's sixth and final Extended Credit Facility review, unlocking a final disbursement of about US$318 million, and to greenlight a 36-month Policy Coordination Instrument to guide economic reforms after the bailout programme concludes. The PCI, a non-financing arrangement, will offer closer policy engagement with the IMF and signal Ghana's commitment to reforms.
Eight months into Ghana's 2026 Budget reset, the cedi has remained broadly stable and the domestic bond market has reopened after a three-year absence, though observers note that sustaining discipline beyond the IMF programme and translating headline gains into better jobs and living standards remain key tests.
Ghana is moving from the IMF's Extended Credit Facility Programme to a 36-month Policy Coordination Instrument designed for countries without balance of payments needs, intended to consolidate macroeconomic gains and anchor the next phase of economic reforms through six key priorities including fiscal consolidation, debt sustainability, and financial sector stability.
Finance Minister Ato Forson announced that Ghana's Extended Credit Facility programme is expected to conclude following final approval by the IMF Executive Board next week, after which Ghana will transition to a Policy Coordination Instrument, a non-financing arrangement for countries without balance-of-payment challenges.
Ghana is expected to formally conclude its three-year IMF Extended Credit Facility programme next week when the IMF Executive Board approves the country's final programme review, marking successful completion after Ghana met agreed policy and reform commitments.
Finance Minister Dr Cassiel Ato Forson presented the 2026 Mid-Year Budget Review to Parliament on Thursday, July 23, outlining fiscal performance in the first half of 2026 and economic policy for the remainder of the year. The review highlighted stronger-than-expected economic performance, including inflation declining to 5.3 per cent, and is expected to maintain current tax policy while updating Parliament on Ghana's transition from the IMF's Extended Credit Facility programme to the Policy Coordination Instrument.
The opposition New Patriotic Party has questioned the sustainability of the government's fiscal performance ahead of the 2026 Mid-Year Budget Review, arguing that the reported improvement in macroeconomic indicators was achieved largely through spending cuts rather than structural economic reforms. The NPP noted that although the government is expected to report a 2025 primary surplus of 2.6 per cent of GDP, government revenue missed its revised target by 4.7 per cent while expenditure was compressed by 13.8 per cent.
Finance Minister Dr Cassiel Ato Forson presented the 2026 Mid-Year Budget Review to Parliament on Thursday, July 23, assessing fiscal performance in the first half of the year. Key economic indicators showed stronger-than-expected performance with inflation declining to 5.3 per cent and improvements in fiscal consolidation, the external sector and debt sustainability since the budget was presented in November 2025.
The Majority in Parliament has rejected the NPP's claims that Ghana's fiscal gains came mainly from expenditure cuts, arguing instead that improving economic indicators are backed by the IMF and reflect prudent fiscal management. Sagnarigu MP Atta Issah maintained that expenditure adjustments were necessary to protect deficit and primary balance targets after revenue fell short, while critical sectors were protected.
Kojo Oppong Nkrumah, Ranking Member on Parliament's Economy and Development Committee, has questioned the government's fiscal strategy, noting that barely nine weeks after Ghana exited the IMF Extended Credit Facility programme, Parliament is being asked to approve almost $1 billion in fresh loans. He argues this raises concerns about domestic revenue mobilisation and the country's long-term debt sustainability.
Finance Minister Dr Cassiel Ato Forson will present the government's New Economic Policy during the 2026 Mid-Year Budget Review to Parliament on July 23, marking a transition from economic stabilisation to long-term growth and consolidating recent macroeconomic gains. The review will also cover Ghana's concluded IMF Extended Credit Facility programme, transition to a new Policy Coordination Instrument, and progress on external debt restructuring.
A KNUST economist argues Ghana should adopt long-term economic policies for sustainable transformation rather than repeatedly seeking IMF support, noting the country is currently under the IMF's Policy Coordination Instrument after completing a $3 billion Extended Credit Facility program.
Bank of Ghana Governor Dr. Johnson P. Asiama says strengthening domestic debt markets is reducing foreign exchange vulnerability but risks concentrating debt within national banking systems. He urges the next phase of reforms to build deeper, longer-dated, and more diversified domestic debt markets while avoiding crowding out private sector credit.
The Governor of the Bank of Ghana has announced that cocoa purchases for the 2026/27 crop season will be financed through $1 billion to be raised from the domestic bond market, part of efforts to strengthen Ghana's cocoa financing system and reduce dependence on foreign borrowing.
The Centre for International Maritime Affairs Ghana's executive director has commended Ghana's completion of its IMF Extended Credit Facility programme, saying the exit reflects improved fiscal discipline and restored investor confidence that will benefit maritime, port, and trade operations. He notes that lower inflation and reduced exchange rate volatility will help importers, exporters, and freight forwarders operate with greater efficiency and strengthen Ghana's position as a trade gateway in West Africa.
The Centre for International Maritime Affairs, Ghana has commended the country's successful completion of its IMF-supported programme and exit from the Extended Credit Facility arrangement. CIMAG says the development restores macroeconomic stability and presents opportunities for Ghana's maritime industry, port sector, and wider business community; easing inflation and reduced exchange rate volatility are expected to benefit importers, exporters, and freight forwarders.
The IMF has warned that Ghana's banking sector reforms remain incomplete, noting that while overall sector stability has improved under the current economic programme, key vulnerabilities persist—particularly rising non-performing loans among state-owned banks that require urgent regulatory attention.