Ghana Minute.
Monday, 15 June 2026
Ghana’s news, on the hour · Est. 2026
Monday, 15 June 2026
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Ghanaian press · Event

Extended Credit Facility

Also known as: ECF · $3 billion Extended Credit Facility

2026-04-272026-06-15
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In coverage

Verbatim sentences from the source article.

  1. May 2026

  2. Joy Online

    … Facts Show the 2015 Programme Was Off-Track, Not The 2023 Programme A comparative analysis of the two most recent International Monetary Fund (IMF)-supported programmes has reignited debate over claims that the country’s current Extended Credit Facility (ECF) arrangement was dera …

    Was the IMF Programme derailed? – Facts show 2015 Programme was off-track, not 2023 Programme

  3. Joy Online

    Technical Advisor at the Ministry of Finance, Dr Theo Acheampong, says Ghana’s successful completion of its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF) is a significant national achievement. …

    IMF exit marks end of painful economic chapter – Dr. Theo Acheampong

  4. Joy Online

    … IMF Chief Mission for Ghana, Ruben Atoyan, made the call during a joint briefing with the Ministry of Finance in Accra, following a Staff-Level Agreement on the sixth review under the Extended Credit Facility (ECF) arrangement. …

    Ghana must seize hard-won fiscal space to drive growth, jobs – IMF

  5. The Chronicle

    The Government of Ghana has officially announced the successful conclusion of its Extended Credit Facility (ECF) programme with the International Monetary Fund, marking what it describes as the end of the country’s financial bailout relationship with the Fund. …

    GHANA EXITS IMF BAILOUT PROGRAMME

  6. Joy Online

    … The call formed part of discussions between an IMF staff team led by Ruben Atoyan and Ghanaian authorities during a mission to Accra from April 29 to May 15 for the sixth and final review of Ghana’s Extended Credit Facility programme. …

    IMF pushes government to privatise ECG operations amid energy sector crisis

  7. Joy Online

    The Government of Ghana has announced the successful conclusion of its Extended Credit Facility (ECF) financial bailout programme with the International Monetary Fund. …

    Government announces completion of IMF bailout programme

  8. Joy Online

    … An IMF staff team led by Ruben Atoyan visited Accra from April 29 to May 15 for discussions on Ghana’s 2026 Article IV consultation, the sixth and final review of the Extended Credit Facility (ECF), and the government’s request for a new non-financing Policy Coordination Instrume …

    IMF backs Ghana’s recovery but warns against reform reversals

  9. Joy Online

    … Sources close to the discussions say Ghana made significant progress on several key programme targets and reforms under the IMF-supported Extended Credit Facility (ECF) programme. …

    IMF 6th Review ends in Accra amid signs of progress and lingering concerns

  10. Joy Online

    … The economy was breathing again. “We are steadily exiting the IMF’s Extended Credit Facility with dignity,” he said, “as partners, not as supplicants.” He was not wrong. …

    Ghana going back to the IMF for the 18th time?

  11. Joy Online

    … JOYBUSINESS is learning that officials are considering the possibility of a successor Extended Credit Facility (ECF) arrangement. …

    Ghana weighs post-IMF pathways as PCI emerges front-runner in policy options
Business

Bank of Ghana to raise $1bn bond for 2026/27 cocoa purchases

The News

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.

Why it matters

Bank of Ghana's $1 billion domestic bond for 2026/27 cocoa purchases strengthens Ghana's export financing and reduces foreign borrowing dependence.

29 May 2026 · Joy Online →

Friday 29 May

  1. Bank of Ghana to raise $1bn bond for 2026/27 cocoa purchases

    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.

    29 May 2026 · Joy Online →

Monday 25 May

  1. CIMAG welcomes Ghana's IMF exit, forecasts maritime growth

    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.

    25 May 2026 · Business & Financial Times →

  2. CIMAG welcomes Ghana's IMF exit, forecasts maritime sector growth

    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.

    25 May 2026 · Joy Online →

  3. Ghana banking reforms incomplete, state-owned banks flagged

    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.

    25 May 2026 · Joy Online →

  4. IMF warns SDIs pose financial stability risks in Ghana

    The IMF has flagged that specialised deposit-taking institutions could become a new vulnerability in Ghana's financial system if regulatory and supervisory gaps are not addressed. While the banking sector has improved under the Extended Credit Facility programme, the IMF warns that non-performing loans remain high, especially in state-owned banks.

    25 May 2026 · Joy Online →

  5. IMF defends Bank of Ghana's monetary policy measures

    The IMF Mission Chief has rejected criticism that the Bank of Ghana was overly aggressive in its monetary policy, describing the central bank's approach as "very prudent" and noting that outcomes are recognised by people on the ground. He explained that central banks often incur high costs when managing inflation and stabilising financial systems during periods of economic distress.

    25 May 2026 · Joy Online →

Saturday 23 May

  1. Ghana risks IMF return without sustained fiscal discipline

    The Executive Director of the Centre for Policy Scrutiny has warned that Ghana could return to the IMF within a few years if it fails to maintain fiscal discipline and implement structural reforms after its current bailout programme ends. He cited Ghana's historical pattern of returning to the IMF every four years on average since independence, most recently in 2023 after the previous programme ended in 2019.

    23 May 2026 · Joy Online →

Friday 22 May

  1. Bank of Ghana records GH¢15.63 billion loss in 2025

    The Bank of Ghana's 2025 audited financial statements show an operational loss of GH¢15.63 billion, the largest since currency redenomination. The article argues the loss reflects successful monetary policy intervention to combat inflation and currency depreciation, rather than mismanagement.

    22 May 2026 · Joy Online →

Thursday 21 May

  1. Ghana to receive final US$318 million IMF tranche after July board approval

    Ghana will have access to the final US$318 million tranche of its IMF Extended Credit Facility immediately after the IMF Board approves the sixth programme review on July 27, 2026, according to IMF Mission Chief Dr. Ruben Atoyan. If approved, the total amount Ghana receives under the programme since May 2023 would reach US$3.2 billion.

    21 May 2026 · Joy Online →

  2. Germany congratulates Ghana on IMF programme completion

    The German Embassy in Accra has congratulated Ghana on successfully concluding its Extended Credit Facility programme with the IMF, noting economic gains including lower inflation, a stronger currency, and improved foreign reserves. Germany cited its support through bilateral debt restructuring and expressed optimism about Ghana's continued economic growth.

    21 May 2026 · Joy Online →

Wednesday 20 May

  1. MPC reassesses policy as Middle East conflict raises inflation risks

    Ghana's central bank Governor told the 130th Monetary Policy Committee that renewed inflation risks from the prolonged Middle East conflict threaten the country's recent macroeconomic gains, and the committee is expected to reassess interest rates and monetary policy. He warned that rising global energy prices and deteriorating external conditions could transmit through higher transport and food costs, affecting inflation expectations in Ghana's oil-importing economy.

    20 May 2026 · Business & Financial Times →

Tuesday 19 May

  1. Ghana's IMF Policy Coordination Instrument offers credibility, not growth stimulus

    Ghana has replaced its three-year IMF Extended Credit Facility with a Policy Coordination Instrument (PCI), marking symbolic progress after sovereign default and debt restructuring. However, the PCI is fundamentally a credibility tool rather than an economic stimulus, and judging it by growth expectations risks misleading national conversation about its actual purpose.

    19 May 2026 · Business & Financial Times →

  2. IMF programme stabilised Ghana's economic indicators

    Banking consultant Dr Richmond Atuahene has said the IMF programme played a key role in stabilising Ghana's inflation, exchange rate, and foreign reserves. Ghana has exited the US$3 billion Extended Credit Facility ahead of schedule and will move to a non-financing Policy Coordination Instrument framework, reflecting improved macroeconomic stability.

    19 May 2026 · Joy Online →

  3. Bank of Ghana flags Middle East conflict inflation threat

    The Bank of Ghana Governor warns that the escalating Middle East conflict and rising global energy prices pose the biggest threat to Ghana's economic stability, risking inflation pressures that could undermine recent economic recovery. The Strait of Hormuz closure has sustained crude oil price increases, prompting the IMF to downgrade 2026 global growth from 3.3 to 3.1 percent.

    19 May 2026 · The Chronicle →

Monday 18 May

  1. Ghana exits IMF bailout programme, shifts to fiscal independence

    Ghana has formally exited its Extended Credit Facility programme with the International Monetary Fund ahead of schedule, attributing the early conclusion to fiscal discipline, structural reforms, and improved investor confidence. The exit marks a transition from crisis management to sovereign financial independence for West Africa's second-largest economy.

    18 May 2026 · Joy Online →

  2. Ghana should use fiscal reforms to boost growth and jobs

    The IMF urged Ghana to leverage the fiscal space created by its policy reforms and economic stabilisation programme to drive strategic investments and create jobs. Ghana's three-year US$3 billion loan programme is ending, and the country is moving into a new 36-month Policy Coordination Instrument arrangement.

    18 May 2026 · Joy Online →

  3. IMF warns of SOE and commodity risks after Ghana loan exit

    Ghana exited its US$3 billion IMF loan programme on May 15 after three years of austerity. The IMF has identified state-owned enterprises and commodity price volatility as key risks that could derail growth gains, and has agreed a new three-year non-financial Policy Coordination Instrument with the country.

    18 May 2026 · Joy Online →

  4. Government rules out compensation for DDEP bondholders

    Finance Minister Cassiel Ato Baah Forson has said the government will not compensate bondholders who incurred losses under the Domestic Debt Exchange Programme, noting there are no reimbursement agreements and citing the relief the restructuring gave the country. The DDEP restructured about GHS137bn in domestic bonds, helping reduce public debt to 56.6 per cent of GDP by the end of 2024.

    18 May 2026 · Joy Online →

  5. IMF Board to decide Ghana's sixth review and new PCI on July 27

    The IMF will present Ghana's sixth and final programme review and a request for a new Policy Coordination Instrument to its Executive Board on July 27. Once approved, Ghana is expected to receive a final tranche of more than $318 million under its bailout programme.

    18 May 2026 · Joy Online →

Sunday 17 May

  1. Ghanaians expect stable utilities and lower costs post-IMF exit

    Following Ghana's conclusion of its Extended Credit Facility programme with the IMF and transition to a non-financing Policy Coordination Instrument, Ghanaians from various sectors express expectations that the exit will bring improvements in utility tariffs, exchange rate stability, and cost of living, rather than further deterioration. Business owners and traders cite recent sacrifices including new taxes and high electricity bills, and hope the IMF exit will ease economic burdens without additional tax increases.

    17 May 2026 · Joy Online →

Saturday 16 May

  1. NPP analyst says 2023 IMF programme performed better than 2015

    According to an analysis by the NPP Policy Committee spokesperson on Finance and Economy, IMF data show the 2015 Extended Credit Facility programme experienced more severe performance breakdown than the current 2023 programme, despite both programmes facing election-cycle spending pressures.

    16 May 2026 · Joy Online →

  2. Ghana completes IMF bailout programme ahead of schedule

    Ghana has officially completed its Extended Credit Facility programme with the International Monetary Fund, marking the end of its financial bailout relationship with the global lender. The government says the completion represents restoration of macroeconomic stability and debt sustainability achieved ahead of schedule.

    16 May 2026 · Joy Online →

  3. Ghana must use fiscal gains to drive growth and jobs—IMF

    The IMF urged Ghana to leverage the significant fiscal space created by its economic stabilisation programme and policy reforms to drive strategic investments and create jobs. The briefing marked the end of Ghana's three-year US$3 billion IMF loan programme and the country's transition to a new 36-month Policy Coordination Instrument.

    16 May 2026 · Joy Online →

Friday 15 May

  1. Ghana exits IMF bailout, transitions to policy coordination instrument

    Ghana has completed its Extended Credit Facility programme with the IMF and will transition to a non-financing Policy Coordination Instrument to sustain reforms. The government credits the turnaround to fiscal consolidation and structural reforms under John Dramani Mahama's administration, citing improvements in inflation, currency appreciation, debt-to-GDP ratio, and economic growth.

    15 May 2026 · The Chronicle →

  2. IMF urges Ghana to privatise ECG operations as energy crisis deepens

    The International Monetary Fund has pushed Ghana to accelerate private sector participation in the Electricity Company of Ghana's operations, warning that persistent energy sector problems threaten public finances and economic stability. The IMF identified tackling ECG's distribution and collection losses, enhancing payment discipline, and clearing legacy arrears as priority reforms needed to protect public resources.

    15 May 2026 · Joy Online →

  3. Ghana completes IMF Extended Credit Facility programme ahead of schedule

    The Government of Ghana has announced successful conclusion of its Extended Credit Facility financial bailout programme with the IMF, representing restoration of macroeconomic stability and debt sustainability. The government's efforts including fiscal consolidation and structural reforms have delivered results including significant inflation reduction, cedi strengthening, declining public debt as a share of GDP, strong economic growth rebound, and sovereign credit rating improvements from restricted default to 'B' with positive outlook.

    15 May 2026 · Joy Online →

  4. IMF praises Ghana's recovery, warns against abandoning reforms

    The International Monetary Fund says Ghana's economic recovery programme has delivered "substantial stabilisation gains," with falling inflation, stronger fiscal performance and improved foreign reserves, though it cautions against reversing reforms amid global economic uncertainty.

    15 May 2026 · Joy Online →

  5. IMF sixth review mission concludes in Accra with mixed outcomes

    The IMF has completed its sixth review mission to Ghana under the Extended Credit Facility programme, with sources reporting significant progress on key targets and reforms, though some issues remain unresolved. As of the report's filing, it was unclear whether a Staff-Level Agreement had been reached, with clarity expected at a scheduled joint press conference.

    15 May 2026 · Joy Online →

Thursday 14 May

  1. Ghana reportedly in talks for 18th IMF programme despite economic gains

    Ghana has achieved significant economic improvements—including a cedi appreciation of 32 percent, inflation falling from over 23 percent to 3.8 percent, record reserves, and debt restructuring—yet reports suggest the country is entering talks for another IMF programme, prompting questions about why such support is still needed given the apparent recovery.

    14 May 2026 · Joy Online →

Wednesday 13 May

  1. Ghana considers multiple IMF engagement options post-programme

    Ghana is weighing several IMF instruments for its next phase of economic management, including a successor Extended Credit Facility arrangement, a Standby Credit Facility, and Post-Programme Monitoring, which will be automatically triggered upon the current programme's completion given Ghana's access level of 304 percent of quota.

    13 May 2026 · Joy Online →

Extended Credit Facility — Ghanaian press coverage · Ghana Minute