Accra: The Government of Ghana has officially concluded its engagement under the International Monetary Fund's (IMF) Extended Credit Facility (ECF) and transitioned to the Non-Financing Policy Coordination Instrument (PCI). This transition marks the end of Ghana's financial bailout relationship with the Bretton Woods institution, as announced by Presidential Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu.
According to Ghana Web, an IMF staff team led by Ruben Atoyan visited Accra from April 29 to May 15 to discuss the 2026 Article IV consultation and the authorities' request for a non-financing PCI. The mission involved meetings with senior officials and a broad range of stakeholders to assess Ghana's economic progress and future plans.
Ruben Atoyan stated that Ghana's ECF-supported program had delivered substantial stabilization gains, including a rapid decline in inflation, rebuilt international reserves, and improved confidence in the cedi. Fiscal performance has strengthened, with the primary surplus exceeding program targets in 2025, and the public debt ratio has declined sharply. Growth exceeded expectations due to broad-based activity and historically high gold export receipts. However, sustaining the reform momentum is critical as the global environment remains uncertain, with potential impacts from higher energy, food, and fertilizer prices due to the war in the Middle East.
Significant progress has been made in restructuring domestic and external debt, improving Ghana's debt trajectory. Bilateral debt relief agreements have been reached with about half of the official creditors under the G20 Common Framework. The resumption of domestic T-bond issuance earlier this year signals a return of investor confidence. Maintaining prudent borrowing and implementing the IMF-supported debt rollover strategy for 2027-28 are essential for securing durable market access.
As macroeconomic stability takes hold, the IMF's engagement is pivoting from crisis stabilization to consolidation. The 36-month PCI aims to sustain reform momentum and build resilience by promoting growth-friendly fiscal adjustment, safeguarding debt sustainability, enhancing fiscal transparency, and reinforcing financial sector stability. Recent improvements in debt trajectory have created fiscal space to address development needs, promote youth employment, and strengthen social spending while maintaining the legislated debt anchor.
Efforts to strengthen the central bank's balance sheet and reinforce financial sector stability are ongoing. This includes addressing vulnerabilities in state-owned banks and specialized institutions, reducing non-performing loans, and supporting sustainable credit growth. Reforms in the energy and cocoa sectors are prioritized to tackle distribution losses and improve efficiency.
Addressing gaps in the anti-corruption framework is crucial for strengthening governance and investor confidence. Public disclosure of asset declarations is a key step in this direction. The IMF commends the resilience and determination of the Ghanaian people and stresses the importance of avoiding past policy slippages to safeguard success and support inclusive growth.