The International Monetary Fund (IMF) has approved Ghana’s final review of the US$3 billion Extended Credit Facility (ECF) programme, which began in May 2023, the Ministry of Finance said on Monday, July 27.
The Ministry released a statement announcing the successful completion of the three-year programme.
Government is now awaiting a “final disbursement of approximately US$371 million to the Bank of Ghana,” bringing the bailout to a successful conclusion.
Government has touted the milestone, attributing the successful completion to its fiscal discipline and drive to ensure economic stability.
“The successful completion of the programme reflects the significant progress Ghana has made in ensuring economic stability. Government has maintained fiscal discipline, reduced inflation, strengthened external buffers,” the statement said.
Government is now ready to begin a new phase of engagement with the Fund. This will take the form of a 36-month, non bailout Policy Coordination Instrument (PCI), meaning Government is not seeking funds. Instead, the non financing PCI “will support the Government’s reform agenda and help sustain confidence in Ghana’s economic policies.”
Government thanked the IMF’s Executive Board, Management and Staff for their support, and expressed appreciation to the people of Ghana for their patience and resilience throughout the reform programme.
It also pledged to remain committed to protecting the gains made in the economy so far, and assured it will stick to “implementing ongoing reforms to build a stronger, more resilient, and more prosperous economy for all Ghanaians.”