This brings the bailout programme, which began in May 2023 following the 2022 economic crisis, to a successful conclusion.
The approval also unlocks a final disbursement of approximately US$371 million to the Bank of Ghana, bringing total disbursements under the programme to US$3 billion.
A statement issued by the Finance Ministry on Monday, July 27 said that 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, and implemented key reforms that have laid the foundation for sustained economic growth.
With the ECF programme now complete, Ghana will begin a new phase of engagement with the IMF through a 36-month, non-bailout Policy Coordination Instrument (PCI). This non-financing PCI will support the Government’s reform agenda and help sustain confidence in Ghana’s economic policies.
“Government expresses its sincere appreciation to the people of Ghana for their resilience, patience, and unwavering support throughout the reform programme.
“Government also thanks the IMF Executive Board, IMF Management and Staff, development partners, civil society, and the private sector for their continued support,” the statement said.
The government said it remains committed to protecting the gains achieved so far and implementing ongoing reforms to build a stronger, more resilient, and more prosperous economy for all Ghanaians.
