Ghana has officially concluded its three-year US$3 billion Extended Credit Facility (ECF) bailout with the International Monetary Fund (IMF) and is transitioning to a non-financing Policy Coordination Instrument (PCI).
Finance Minister Dr. Cassiel Ato Forson announced that the new framework will sustain macroeconomic reforms and fiscal discipline without drawing fresh loans but instead of a traditional bailout, the PCI is a non-financial reform framework designed to maintain policy credibility, investor confidence, and macroeconomic stability.
Minister Forson confirmed that the government has no immediate plans to issue new Eurobonds on the international capital markets or seek additional bailout financing, focusing instead on domestic resilience.
He stressed that the government aims to curtail excessive borrowing, eliminate unnecessary expenditures, and carefully manage the country’s revenue generation to build strong fiscal buffers.
He made the announcement following a successful Staff-Level Agreement for the fifth review of the ECF, with Finance Minister Forson noting that Ghana met all key Quantitative Performance Criteria and Indicative Targets during the review period.
