Ghana has officially completed its 39-month economic reform programme backed by the International Monetary Fund (IMF), following the approval of a final disbursement of about $371 million by the Fund’s Executive Board.
The payment, equivalent to SDR 265.9 million, followed the successful completion of the sixth and final review of the country’s $3 billion Extended Credit Facility (ECF) arrangement, which was approved in May 2023. The IMF also concluded Ghana’s 2026 Article IV consultation and reviewed the country’s request for a 36-month Policy Coordination Instrument (PCI) to support reforms after the bailout programme.
According to the IMF, Ghana’s performance under the ECF has been broadly satisfactory, with the country making significant progress in restoring macroeconomic stability and improving debt sustainability.
The Fund noted that inflation has fallen sharply from previous highs, declining to 5.3 per cent in June 2026, while the country’s foreign exchange reserves nearly doubled to $11.9 billion by the end of 2025, enough to finance about four months of imports.
Economic growth also remained strong, with Ghana’s real Gross Domestic Product (GDP) expanding by 6 per cent in 2025 before accelerating to 6.4 per cent year-on-year in the first quarter of 2026. The current account recorded a surplus of 7.9 per cent of GDP, largely driven by high global gold prices.
Fiscal performance also improved significantly, as the country’s primary fiscal balance shifted from a deficit to a 2.1 per cent surplus of GDP, while Ghana’s overall debt outlook improved, prompting the IMF to upgrade its debt distress risk from high to moderate, two years earlier than initially projected.
Although Ghana missed one performance target relating to the Bank of Ghana’s lending to the government, the IMF approved a waiver after determining that the breach was temporary and resulted from financing arrangements linked to the domestic gold purchase programme. The authorities also implemented corrective measures.
The IMF said Ghana had made substantial progress in restructuring its public debt, reaching agreements with more than half of its bilateral creditors and securing agreements-in-principle with a similar proportion of external commercial creditors. Discussions with the remaining creditors are ongoing.
Following the conclusion of the ECF programme, Ghana plans to continue its reform agenda under the new Policy Coordination Instrument, a non-financing arrangement designed to strengthen policy credibility, attract donor support, and encourage private investment.
The 2026 budget targets a primary fiscal surplus of 1.5 per cent of GDP, while additional fiscal space created by the country’s improved debt position is expected to support development projects and expand social spending without jeopardising debt sustainability. The IMF also said a lower primary surplus target from 2027 would remain consistent with debt sustainability if the government continues reforms to increase domestic revenue, strengthen public financial management, and improve oversight of state-owned enterprises.
The Fund further acknowledged that the Bank of Ghana had successfully reduced inflation while rebuilding external reserves through prudent monetary policy. However, it stressed the importance of preserving the central bank’s independence by ending quasi-fiscal activities, transferring the domestic gold purchase programme to GoldBod, and implementing plans to fully recapitalise the bank by 2032.
While noting improvements in the financial sector, the IMF cautioned that vulnerabilities remain in some state-owned and private banks, as well as specialised deposit-taking institutions. It urged authorities to strengthen supervision, complete the financial sector crisis management framework, and continue governance and anti-corruption reforms, including the passage of the revised Conduct of Public Officials Bill and the effective implementation of the country’s asset declaration framework.
IMF Deputy Managing Director Bo Li said Ghana’s reform efforts, supported by favourable commodity prices, had produced strong economic gains, including lower inflation, stronger reserves and improved fiscal performance. He added that maintaining reform momentum under the new PCI would be critical to consolidating these achievements, protecting debt sustainability, strengthening financial stability, and promoting inclusive, private sector-led economic growth.