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, marking the successful completion of the country’s three-year economic support arrangement.
The approval unlocks a final disbursement of approximately US$371 million to the Bank of Ghana, bringing total disbursements under the programme to the full US$3 billion.
The ECF programme was launched in May 2023 to help Ghana restore macroeconomic stability following the country’s 2022 economic crisis.
In a statement issued on Monday, July 27, the Ministry of Finance said the successful conclusion of the programme reflects the significant progress made in stabilising the economy through fiscal discipline, declining inflation, stronger external reserves and the implementation of key structural reforms.
According to the ministry, the reforms have laid a solid foundation for sustained economic growth and improved macroeconomic stability.
With the ECF programme now complete, Ghana will transition to a 36-month Policy Coordination Instrument (PCI) with the IMF. Unlike the ECF, the PCI is a non-bailout, non-financing arrangement designed to support the government’s ongoing reform agenda while reinforcing confidence in the country’s economic policies.
The government expressed appreciation to Ghanaians for their resilience and support throughout the reform programme.
“Government expresses its sincere appreciation to the people of Ghana for their resilience, patience, and unwavering support throughout the reform programme.”
The statement also conveyed gratitude to the IMF Executive Board, IMF management and staff, development partners, civil society organisations and the private sector for their continued support during the implementation of the programme.
The government reaffirmed its commitment to safeguarding the gains achieved under the ECF and continuing reforms aimed at building a stronger, more resilient and more prosperous economy for all Ghanaians.
Source: 3news
