Extended Credit Facility

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

2026-04-272026-09-13

In coverage

Verbatim sentences from the source article.

May 2026
15 MayJoy 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
15 MayJoy 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
15 MayJoy 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
15 MayJoy 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
14 MayJoy 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?
13 MayJoy 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
11 MayBusiness & Financial Times
… The IMF Extended Credit Facility (ECF) program is the critical constraint holding this system in check. …
Remagine Ghana with H. Aku Kwapong, PhD: The Mechanics of Money Printing: From theory to the Bank of Ghana’s GH¢96bn deficit
6 MayThe Chronicle
… Amin Adam acknowledged the progress made under Ghana’s Extended Credit Facility (ECF) programme, particularly in stabilising inflation and strengthening external reserves. …
Amin Adam: BoG’s 2025 Accounts Signal Fiscal Pressures
5 MayJoy Online
… In a detailed letter to the IMF Ghana Mission Chief under the Extended Credit Facility (ECF) programme in Washington, D.C., Dr Amin Adam said the Fund must pay closer attention to safeguarding gains made under the programme. …
Amin Adam petitions IMF over BoG’s 2025 accounts, flags fiscal risks
4 MayJoy Online
… If the final review under the $3 billion Extended Credit Facility succeeds, Ghana exits the programme in August with a final $360 million cheque and the formal end of a rescue born in the fires of 2022. …
Walking on One Leg of the Tripod: The IMF endgame in Ghana

Politics

Ghana paid GH¢10.82 billion in August 2026 debt payment

The News

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.

1 September 2026 · The Ghanaian Times →

Tuesday 1 September

Ghana paid GH¢10.82 billion in August 2026 debt payment
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.
1 September 2026 · The Ghanaian Times →

Thursday 27 August

IMF programme ends; Ghana transitions to Policy Coordination Instrument
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.
27 August 2026 · The Chronicle →

Wednesday 19 August

GoldBod CEO disputes IMF attribution of $1.7bn loss
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.
19 August 2026 · Joy Online →

Tuesday 11 August

IMF urges Ghana to sustain quarterly electricity tariff adjustments
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.
11 August 2026 · Joy Online →

Thursday 6 August

IMF urges Bank of Ghana reassess gold purchase programme costs
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.
6 August 2026 · Joy Online →
IMF warns Ghana about dangerous overreliance on gold exports
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.
6 August 2026 · The Chronicle →

Wednesday 5 August

IMF warns Ghana fuel subsidies must stay temporary, well-targeted
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.
5 August 2026 · Joy Online →
Parliament must scrutinise new IMF Policy Coordination Instrument
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.
5 August 2026 · The Chronicle →

Thursday 30 July

IMF approves final Ghana disbursement after BoG ends government financing
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.
30 July 2026 · Joy Online →

Tuesday 28 July

Ghana completes $3 billion IMF bailout, receives final $371 million
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.
28 July 2026 · The Ghanaian Times →
IMF approves final review, ends Ghana's US$3bn bailout
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.
28 July 2026 · The Chronicle →
Ghana completes three-year IMF ECF programme
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.
28 July 2026 · Joy Online →

Monday 27 July

IMF approves final review, unlocks over $300m disbursement for Ghana
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.
27 July 2026 · Joy Online →
IMF Board to approve Ghana's final ECF review, post-bailout plan
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.
27 July 2026 · Joy Online →

Friday 24 July

Ghana's economic reset shows stability but questions remain
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.
24 July 2026 · Daily Guide →
Ghana transitions to IMF Policy Coordination Instrument for economic stability
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.
24 July 2026 · Joy Online →

Thursday 23 July

Ghana's three-year IMF bailout programme ends next week
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.
23 July 2026 · Joy Online →
IMF Executive Board to approve Ghana's final bailout review
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.
23 July 2026 · Joy Online →
Finance Minister presents 2026 mid-year budget review to Parliament
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.
23 July 2026 · Joy Online →
NPP questions government fiscal sustainability ahead of budget review
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.
23 July 2026 · The Chronicle →
Finance Minister presents 2026 mid-year budget review to Parliament
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.
23 July 2026 · Joy Online →

Wednesday 22 July

Majority defends fiscal surplus, cites IMF backing for economy
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.
22 July 2026 · Joy Online →
MP questions government borrowing nine weeks after IMF exit
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.
22 July 2026 · Joy Online →

Monday 20 July

Finance Minister to present new economic policy in mid-year budget review
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.
20 July 2026 · Joy Online →

Wednesday 8 July

Ghana needs resilient policies, not repeated IMF bailouts
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.
8 July 2026 · Joy Online →

Wednesday 1 July

Ghana's central bank urges deeper domestic debt markets
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.
1 July 2026 · Business & Financial Times →

Friday 29 May

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

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 →
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 →
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 →