IMF meeting in Ghana, Accra, Ghana, 13 December 2022 -

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Ghana

Officials in Ghana said on Friday that the government has wrapped up its International Monetary Fund bailout programme, ending a $3 billion emergency support package.

Accra said it had helped restore macroeconomic stability and debt sustainability ahead of schedule.

Ghana’s presidency said inflation has reduced significantly, the currency has strengthened, and public debt has declined sharply.

In December, President John Dramani Mahama announced the country would gradually exit the IMF programme thanks to reforms undertaken since 2024 when he start his second, but non-consecutive term in office.

At the time, he described the economy as being in a fragile state, characterised by high inflation, significant youth unemployment, and a loss of investor confidence.

The IMF says Ghana’s programme delivered “substantial stabilisation gains” including improved reserves, stronger fiscal performance, and progress in restructuring public debt.

It warned, however, that maintaining the “reform momentum” was critical to sustaining growth.

Ghana will now transition to an IMF Policy Coordination Instrument which ssupports reforms and signals policy credibility to investors without providing direct funding.

Ghana completes $3 billion IMF rescue program

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