Government has announced it will not pursue an extension or a new programme with the International Monetary Fund (IMF) when the current $3 billion Extended Credit Facility expires in May 2026.
This follows the conclusion of the final review of Ghana’s 17th IMF programme.
Finance Minister Dr. Cassiel Ato Forson made the announcement in Parliament on Thursday, May 28, 2026.
He described the completion as a “critical turning point,” noting that President John Mahama has indicated this should be the country’s last IMF bailout.
“The end of the IMF programme does not mean the end of responsible policy‑making,” Dr. Forson told lawmakers.
To maintain investor confidence and fiscal discipline, he said Ghana will transition to a non‑financing Policy Coordination Instrument (PCI) with the Fund.
Ghana entered the three‑year ECF arrangement in May 2023 after a severe debt crisis and currency slump in 2022.
The programme was anchored on debt restructuring, fiscal consolidation, and structural reforms.
Dr. Forson said the “sacrifices made by Ghanaians are beginning to yield results,” citing falling inflation, improved growth, and a sharp drop in the debt‑to‑GDP ratio from 61.8% in December 2024 to 43.7% by July 2025.
He urged Parliament to support ongoing reforms, adding that government’s post‑IMF priorities will focus on jobs, infrastructure, and protecting the vulnerable while safeguarding macroeconomic stability.
The minister added that Ghana’s economy has shifted “from the Intensive Care Unit ICU to the Wellness Centre,” an analogy he said reflects progress since the 2022 economic crisis that forced government into the $3 billion IMF bailout.
“We were in crisis. Today, the key vitals are stable and improving,” he added.
