The International Monetary Fund (IMF) has urged other countries to emulate Ghana’s economic recovery efforts, describing the country’s performance under the Extended Credit Facility (ECF) programme as a great success.
The IMF explained that Ghana’s progress in economic management demonstrated the value of the reforms undertaken under the $3 billion Extended Credit Facility (ECF) programme.
“I want to first commend you on how you are performing.
The ECF was a great success,” the Director of the IMF’s African Department, Zeine Zeidane, said after a meeting with the Minister of Finance, Dr Cassiel Ato Forson, on the sidelines of the IMF-World Bank Annual Meetings in Bangkok, Thailand, yesterday.
The IMF Africa Director stressed that following the successful completion of the ECF programme in July 2026, Ghana had transitioned to a non-financial 36-month policy coordination instrument (PCI) to sustain policy discipline, lower borrowing costs and provide technical assistance.
Consequently, it called on other countries in difficult situations, as Ghana did in the post-COVID-19 period, to learn from the West African country’s impressive reforms to strengthen their economies.
“We tell others to follow your steps,” Mr Zeidane said.
Ghana entered the three-year ECF programme in May 2023 following a severe economic crisis in 2022 characterised by high inflation, mounting public debt and rising living costs.
The crisis also put pressure on businesses and households, amid concerns about unemployment, poverty and increasing food prices.
Since then, inflation has declined significantly, falling to 3.8 per cent in January 2026, before edging up to 5.2 per cent in September this year.
Public debt stood at GH¢733.9 billion, equivalent to 45.9 per cent of gross domestic product (GDP) as of July 2026, while the cedi has strengthened against major international currencies.
The economic recovery has also contributed to improved sovereign credit assessments, with Moody’s Ratings upgrading Ghana’s long-term foreign and local currency issuer ratings to B3 from Caa1 in October 2026, with a stable outlook.
The upgrade marks a positive shift from the downgrades that pushed the country into junk status during the post-COVID-19 economic crisis, although Ghana remains in speculative-grade territory.
These developments reflect progress in economic stabilisation and debt restructuring, although sustaining the gains and translating them into improved living conditions remain key challenges.
Economic reforms
The IMF director stated that Ghana’s performance under the ECF programme had demonstrated the success of the reforms implemented to restore macroeconomic stability and strengthen economic management.
He commended the government for its performance under the programme as a major achievement.
He said Ghana was now in a strong position to sustain its recovery.
He praised Ghana’s use of artificial intelligence in customs administration and acknowledged the work undertaken on state-owned enterprises and stock-flow adjustments.
Mr Zeidane’s assessment followed the IMF’s upward revision of Ghana’s economic growth forecast for 2026 to 5.7 per cent, from the 4.6 per cent projected in April.
He stated that maintaining credibility, policy discipline and sound economic management would be important to sustaining the gains made under the programme.
“Ghana is in a very good place; we are confident in Ghana’s economic performance,” he added.
Optimism
For his part, Dr Forson expressed confidence that Ghana’s economy will outperform the International Monetary Fund’s revised growth forecast of 5.7 per cent for 2026.
Reacting to the Fund’s upward revision from its April projection of 4.6 per cent, Dr Forson explained that the government remained committed to the fiscal discipline and reforms supporting the country’s economic turnaround.
“The IMF has upgraded Ghana’s 2026 growth forecast from 4.6 per cent to 5.7 per cent. We are confident we will exceed that projection.
“The revision represents an increase of 1.1 percentage points in the Fund’s growth forecast," Dr Forson said.
Driving growth
The minister stated that the government would sustain the fiscal consolidation measures and structural reforms aimed at strengthening macroeconomic stability and accelerating economic growth.
He said the improved growth outlook reflected the progress made in restoring confidence in the economy, while emphasising the need to consolidate the gains through prudent public spending and effective economic management.
Dr Forson stressed that the government’s next phase of economic development would prioritise value addition, job creation and transformation to ensure that growth translated into improved living standards for Ghanaians.
He expressed optimism that continued reforms and fiscal discipline would enable the country to surpass the IMF’s projection and sustain its economic recovery.
He added that the government would maintain credibility and discipline in economic management as it worked to sustain the recovery and deliver stronger growth.
