The International Monetary Fund (IMF) has upgraded Ghana’s external and overall debt risk rating from critical to moderate, marking the end of a four-year period of debt distress for the country.
This positive development follows the IMF Executive Board’s completion of the final review of Ghana’s 39-month, $3 billion Extended Credit Facility (ECF) programme and the approval of a new 36-month Policy Coordination Instrument (PCI).
Key Achievements Under the Programme
- Ghana achieved a primary fiscal surplus of 2.1% of GDP, supported by prudent fiscal and monetary policies.
- Inflation dropped sharply to 5.3% as of June 2026.
- Gross international reserves nearly doubled to $11.9 billion by the end of 2025, providing four months of import cover.
- Economic growth remained robust, with real GDP expanding by 6% in 2025 and accelerating to 6.4% year-on-year in Q1 2026.
- Significant progress was made in restructuring public debt, including agreements with over half of bilateral creditors and external commercial creditors.
Looking Ahead
The newly approved PCI will support Ghana’s ongoing reform agenda by strengthening macroeconomic management, enhancing debt sustainability, and mobilising both donor and market financing.
The IMF emphasized the importance of the 2026 budget, which targets a primary surplus of 1.5% of GDP, alongside improvements in domestic revenue collection, public financial management, and governance reforms to maintain fiscal stability and create space for development and social protection spending.
With the final disbursement of approximately $371 million unlocked under the ECF, Ghana’s total drawdown under the programme stands at about $3 billion.
