The Government of Ghana has announced that it successfully concluded Ghana’s Extended Credit Facility program with the International Monetary Fund (IMF).
In a statement issued by Presidential Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu, the government said that it achieved this turnaround through a series of aggressive fiscal and structural reforms implemented after the program faced setbacks at the end of 2024.
“The administration of John Mahama introduced frontloaded fiscal consolidation measures, expenditure rationalization, and broader structural reforms aimed at restoring economic confidence and stabilizing the economy. In this regard, reforms have produced measurable gains across key economic indicators, including declining inflation, a stronger cedi, improved debt sustainability, and stronger economic growth.”
Furthermore, the statement added that Ghana’s sovereign credit ratings also improved significantly, rising from restricted default status to a “B” rating with a positive outlook.
“Ghana’s gross international reserves reached approximately 14.5 billion dollars by February 2026, representing nearly six months of import cover and strengthening the country’s ability to withstand external economic shocks.”
This achievement follows the government’s successful restoration of macroeconomic stability and progress toward debt sustainability ahead of the original program timeline.
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