The Executive Board of the International Monetary Fund (IMF) has approved the final review of Ghana’s $3 billion Extended Credit Facility (ECF) programme, thereby facilitating a final disbursement of approximately $371 million to the nation, as stated by the Ministry of Finance on Monday.
This approval marks the successful conclusion of the three-year IMF-supported programme, which commenced in May 2023 in response to Ghana’s 2022 economic crisis.
In a statement, the ministry noted, “The Executive Board of the International Monetary Fund (IMF) has approved the final review of Ghana’s US$3 billion Extended Credit Facility (ECF) programme, thereby bringing the bailout programme, initiated in May 2023 following the 2022 economic crisis, to a successful conclusion.”
The ministry further indicated that this approval also enables a final disbursement of around $371 million to bolster Ghana’s balance of payments, resulting in total disbursements under the programme reaching approximately $3 billion.
The government remarked that the successful completion of the programme demonstrates “the significant progress Ghana has made in ensuring economic stability,” highlighting achievements such as fiscal discipline, reduced inflation, enhanced external buffers, and the execution of essential reforms.
With the conclusion of the ECF programme, the government announced its intention to initiate a new phase of collaboration with the IMF through a 36-month, non-financing Policy Coordination Instrument (PCI), designed to support its reform agenda and maintain confidence in Ghana’s economic policies.
The government expressed gratitude to the Ghanaian populace for their resilience and support throughout the reform programme, and extended appreciation to the IMF Executive Board, management and staff, development partners, civil society, and the private sector for their ongoing support.
Additionally, it committed to safeguarding the achievements made under the programme by implementing reforms aimed at establishing what it termed “a stronger, more resilient, and more prosperous economy for all Ghanaians.”
