By Archie Boan
Ghana has officially concluded its US$3 billion Extended Credit Facility program with the International Monetary Fund (IMF), marking a major step in the country’s economic recovery efforts.
The 36-month program was launched in 2023 at the height of one of Ghana’s most severe economic crises, characterized by high inflation, currency depreciation, and mounting debt challenges.
According to the Ghanaian government, the successful completion of the program reflects the restoration of macroeconomic stability and improved debt sustainability ahead of schedule.
In a statement published on its website, the IMF said the program helped stabilize Ghana’s economy by lowering inflation and boosting confidence in the local currency.
Following the conclusion of the credit facility, Ghana and the IMF are expected to transition into a new phase of cooperation focused on policy coordination. Discussions are currently underway for a 36-month non-financial coordination arrangement.
