The International Monetary Fund (IMF) has approved a final disbursement of $371 million to Ghana, bringing the country’s $3 billion support programme launched in May 2023 to a close, while approving a new 36-month Policy Coordination Instrument to support the government’s next phase of economic reforms.

The final payment marks the completion of Ghana’s Extended Credit Facility (ECF) programme, which was designed to help the country restore economic stability after a severe financial crisis marked by high inflation, currency depreciation and rising public debt.

The IMF-backed programme focused on strengthening public finances, restoring debt sustainability, rebuilding foreign exchange reserves and improving economic governance. Ghana entered the programme after facing its worst economic crisis in decades, leading authorities to implement debt restructuring measures and fiscal reforms.

The approval of the new Policy Coordination Instrument will allow Ghana to continue working with the IMF on economic reforms without additional financing. The three-year framework is expected to support efforts aimed at maintaining fiscal discipline, improving public financial management, strengthening the financial sector and creating conditions for sustainable growth.

Ghana’s economy has shown signs of recovery following the implementation of stabilization measures, with inflation easing from record levels reached in 2022 and investor confidence gradually improving. However, authorities still face challenges in balancing fiscal consolidation with the need to support economic growth and employment.

The completion of the IMF programme represents a key milestone for Ghana as the country seeks to rebuild its economic credibility and attract renewed investment. The government will now focus on maintaining reform momentum while ensuring that the recovery benefits households and businesses.