The government has officially ended Ghana’s Extended Credit Facility programme with the International Monetary Fund (IMF). Ghana was previously receiving financial support and economic guidance from the IMF under a structured programme.

However, in a statement issued by the Presidential Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu, disclosed that the government has moved toward a non-financing policy support framework.

He added that the government has been able to revive Ghana’s economy due to improved fiscal discipline, strengthened macroeconomic stability, and progress in debt management under the IMF-supported programme.

He further added that Ghana will now engage the IMF through a non-financing arrangement, Policy Coordination Instrument, commonly referred to as a PCI. Although the IMF will no longer assist the government with direct financial disbursement, the PCI has been designed to provide technical assistance, policy coordination and market confidence.

Programme performance and outlook

Ghana’s 36-month Extended Credit Facility arrangement was approved in May 2023, with access of 303.8 per cent of quota, equivalent to SDR 2.2419 billion, or about US$3 billion.

In its latest economic outlook, the IMF maintained Ghana’s 2026 growth projection at 4.8 per cent, slightly above the 4.6 per cent forecast for Sub-Saharan Africa.

This comes against a revised global growth forecast of 3.1 per cent, reflecting rising energy costs and geopolitical tensions.

The Fund also projects Ghana’s inflation to decline to 7.9 per cent in 2026, slightly below government expectations, assuming current disinflation trends continue.

Inflation is expected to remain in single digits through 2026 and 2027.

President Mahama’s earlier remarks on Ghana-IMF deal

President John Dramani Mahama reaffirmed that Ghana will exit the IMF by the first quarter of the year.

This comes after he hinted at an exit in January in his New Year's message. President Mahama said the government is preparing to exit the IMF programme while safeguarding Ghana’s economic credibility, highlighting that the reforms over the past year have strengthened macroeconomic indicators enough to support a gradual withdrawal.

He said, “We are beginning the process of exiting the IMF programme with dignity, not as supplicants, but as partners.”

Speaking at the Ghana-Zambia Business Dialogue in Lusaka on Friday, February 6, President Mahama confirmed that Ghana is on course to complete its International Monetary Fund (IMF) programme by April 2026, citing improvements in key economic indicators.

Mahama stressed that the stabilising economy positions Ghana to expand trade and investment, particularly under the African Continental Free Trade Area.

“These gains provide a solid foundation for Ghana’s development agenda, which focuses on five strategic pillars: industrialisation and value addition; export-led growth; modern infrastructure development; strong support for MSMEs, women, and youth entrepreneurs; and a predictable, transparent, investor-friendly business environment,” he said.