Ghana officially exits IMF bailout programme after 3 years as reserves hit record US$14.5Bn

• Ghana has officially exited its IMF bailout programme after completing the Extended Credit Facility arrangement.

• Government says inflation has reduced, the cedi has strengthened, and foreign reserves have risen to US$14.5 billion.

• Ghana will now work with the IMF under a non-financing Policy Coordination Instrument (PCI) focused on reforms and technical support.

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

This marks what it describes as the restoration of macroeconomic stability and debt sustainability ahead of schedule.

In a statement issued on Friday, May 15, 2026, government said the country will now transition to a non-financing Policy Coordination Instrument (PCI) arrangement with the IMF.

ALSO READ: Ghana’s stock market becomes 2nd best-performing in the world, 1st in Africa

According to the statement signed by Minister for Government Communications and Presidential Spokesperson, Felix Kwakye Ofosu, the Mahama administration took “decisive” steps in 2025 to restore the programme after it had derailed at the end of 2024.

The statement noted that government implemented “frontloaded fiscal consolidation, bold expenditure rationalisation, and strong structural reforms” to stabilise the economy.

ALSO READ: Africa’s 5 fastest-growing economies ranked by IMF’s April 2026 report

“These efforts have delivered tangible results: inflation has reduced significantly, the cedi has strengthened markedly, public debt as a share of GDP has declined sharply, and economic growth has rebounded strongly,” the statement said.

Government also indicated that Ghana’s sovereign credit ratings had improved from restricted default status to a ‘B’ rating with a positive outlook, describing it as “five distinct rating levels upgrades.”

It further disclosed that Ghana’s gross international reserves had reached an all-time high of about US$14.5 billion by February 2026, representing nearly six (6) months of import cover.

ALSO READ: Ghana Cedi Crowned Africa’s Best-Performing Currency in 2025: Top 10 Rankings

“These foreign exchange reserve buffers provide Ghana with the capacity to withstand external shocks and stand on its own feet,” the statement added.

Government stressed that the transition to the Policy Coordination Instrument does not amount to another bailout programme.

“The PCI is a form of Technical Assistance engagement with the IMF. It is a non-financing instrument designed to help countries implement economic reforms, signal commitment to policies, and unlock financing from private investors and other development partners,” the statement explained.

ALSO READ: IMF reaches staff-level agreement with Ghana for US$370 million disbursement

“For the avoidance of doubt, the PCI does not provide financial bailout, but will offer continuous capacity development, confidence boost to the market, and deliver a catalytic effect for fresh financing to Ghana.”

According to government, the new arrangement is expected to support Ghana’s push toward achieving investment-grade status, lower borrowing costs, attract long-term investors, and unlock cheaper financing for infrastructure and private sector growth.

ALSO READ: Ghana risks losing Africa’s top gold producer title to Côte d’Ivoire, expert warns

Government also expressed gratitude to Ghanaians, bilateral creditors, investors, and the Official Creditor Committee for their support and sacrifices throughout the IMF programme.