Here’s what the IMF expects Ghana to do after its $3bn bailout

The International Monetary Fund (IMF) Executive Board has approved the sixth and final review of Ghana’s US$3 billion Extended Credit Facility (ECF) programme, unlocking a final disbursement of approximately US$371 million. The approval brings Ghana’s three-year bailout programme to a successful close, marking the end of the IMF-supported arrangement launched in May 2023 to restore macroeconomic stability following the country’s 2022 economic crisis. With the programme now concluded, Ghana will transition to a new 36-month Policy Coordination Instrument (PCI).

Unlike the ECF, the PCI does not provide financing but is designed to help sustain reforms, reinforce policy credibility and strengthen investor confidence. However, the IMF has stressed that the end of the bailout does not mark the end of reforms. Instead, it has outlined a series of policy priorities aimed at consolidating Ghana’s economic recovery, safeguarding debt sustainability and strengthening long-term economic resilience.

Here are the key areas the IMF wants Ghana to focus on in the post-bailout period. Sustain investor confidence through the PCI. The IMF wants Ghana to use the new Policy Coordination Instrument as the anchor for its post-bailout reform agenda.

Although the PCI does not provide financial support, it serves as an important signal to investors, development partners and credit rating agencies that Ghana remains committed to prudent macroeconomic management and structural reforms. Intensify domestic revenue mobilisation The Fund describes stronger domestic revenue mobilisation as essential to Ghana’s long-term fiscal sustainability. It wants the government to broaden the tax base, improve tax administration and increase domestic revenue collection to finance development while reducing dependence on borrowing.

Protect the independence of the Bank of Ghana According to the IMF, preserving the credibility of monetary policy requires maintaining the operational independence of the Bank of Ghana (BoG). It wants the central bank to permanently discontinue quasi-fiscal operations and complete the transfer of the domestic gold purchase programme to GoldBod. Recapitalise the Bank of Ghana by 2032 While acknowledging the significant decline in inflation under the programme, the IMF says Ghana must honour its commitment to recapitalise the Bank of Ghana by 2032.