The International Monetary Fund (IMF) Executive Board has approved the sixth and final review of Ghana’s US$3 billion Extended Credit Facility (ECF) programme, unlocking a final disbursement of about US$371 million and bringing the country’s three-year bailout programme to a successful close.
The approval marks the end of the IMF-backed programme launched in May 2023 to restore macroeconomic stability after Ghana’s 2022 economic crisis.
As the bailout programme concludes, Ghana will transition to a new 36-month Policy Coordination Instrument (PCI), a non-financing arrangement that will guide economic reforms, strengthen policy credibility and boost investor confidence.
Although the PCI does not provide financial support, the IMF has stressed that Ghana must continue implementing critical reforms to consolidate economic gains, maintain debt sustainability and build long-term resilience.
The Fund has outlined the following 10 priority reforms for Ghana’s post-bailout era:
1. Use the PCI to sustain investor confidence
Ghana should use the Policy Coordination Instrument as the anchor for its reform agenda to demonstrate continued commitment to sound macroeconomic policies and structural reforms.
2. Strengthen domestic revenue mobilisation
The IMF wants the government to broaden the tax base, improve tax administration and increase revenue collection to reduce dependence on borrowing.
3. Protect the independence of the Bank of Ghana
The Fund is urging the central bank to maintain its operational independence, permanently end quasi-fiscal operations and complete the transfer of the domestic gold purchase programme to GoldBod.
4. Recapitalise the Bank of Ghana by 2032
The IMF says strengthening the central bank’s balance sheet is essential to safeguarding long-term financial stability.
5. Complete external debt restructuring
Ghana is expected to conclude negotiations with the remaining external commercial creditors to fully complete its debt restructuring programme.
6. Reform state-owned enterprises
The Fund wants stronger governance and financial oversight of state-owned enterprises in the energy and cocoa sectors to reduce future fiscal risks.
7. Keep public debt on a sustainable path
Government spending should remain disciplined and aligned with the target of reducing public debt to 45 percent of GDP by 2034.
8. Address banking sector vulnerabilities
The IMF recommends stronger supervision, timely corrective action and completion of Ghana’s financial sector crisis management framework to strengthen the banking sector.
9. Expand social protection
The Fund wants government to use improved fiscal performance to increase support for vulnerable households while promoting inclusive, private sector-led growth.
10. Strengthen governance and fight corruption
The IMF is calling for the effective implementation of the revised asset declaration framework and the swift passage of the Conduct of Public Officials Bill to reinforce transparency and public confidence.
