Ghana’s 2023 IMF ECF Programme – Full Document

Ghana’s 2023 IMF ECF Programme – Full Document

The International Monetary Fund (IMF) has released a full insight of the SDR 2.242 Billion (about US$ 3 Billion) Ghana requested for.

The released document has the full insight of “Request for an Arrangement Under the Extended Credit Facility.”

The document has the following:

  1. A Press Release including a statement by the Chair of the Executive Board.
  2. The Staff Report prepared by a staff team of the IMF for the Executive Board’s consideration on May 17, 2023, following discussions that ended on December 12, 2023, with the officials of Ghana on economic developments and policies underpinning the IMF arrangement under the Extended Credit Facility. Based on information available at the time of these discussions, the staff report was completed on May 2, 2023.
  3. A Debt Sustainability Analysis prepared by the staffs of the IMF and the Internal
    Development Association.
  4. A Supplementary Information.
  5. A Statement by the Executive Director for Ghana.

The IMF said their transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents.

The Executive Board of the International Monetary Fund (IMF) approved a 36-month arrangement under the Extended Credit Facility (ECF) in an amount equivalent to SDR 2.242 billion (around US$3 billion, or 304 percent of quota). The program is based on the government’s Post COVID-19 Program for Economic Growth (PC￾PEG), which aims to restore macroeconomic stability and debt sustainability and includes wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth.

The Executive Board’s decision will enable an immediate disbursement to Ghana equivalent to SDR 451.4 million (about US$600 million).

Further, the release added that “Large external shocks in recent years have exacerbated Ghana’s pre-existing fiscal and debt vulnerabilities, resulting in a loss of international market access, increasingly constrained domestic financing, and reliance on monetary financing of the government. Decreasing international reserves, Cedi depreciation, rising inflation and plummeting domestic investor confidence, eventually triggered an acute crisis.”


“The authorities have taken bold steps to tackle these deep challenges, including by accelerating fiscal adjustment. The government has also launched a comprehensive debt restructuring to address severe financing constraints and the unsustainable public debt. Securing timely debt restructuring agreements with external creditors will be essential for the successful implementation of the new ECF

Sharing insights of policy the stated that the “Key policies under the authorities’ program include large and frontloaded fiscal consolidation to bring public finances back on a sustainable path, complemented by efforts to protect the vulnerable.”

The adjustment effort will be supported by ambitious structural reforms in the areas of tax policy, revenue administration, and public financial management, as well as steps to address weaknesses in the energy and cocoa sectors. Appropriately tight monetary and flexible exchange rate policies will help bring inflation back to single digits and rebuild international reserves.”

“The program also has a strong focus on preserving financial stability and encouraging private investment and growth.”

“The program will help Ghana overcome immediate policy and financing challenges, including through its catalytic effect in mobilizing external financing from development partners and providing a framework for the successful completion of the ongoing debt restructuring.”

The release also detailed the programme objectives and policies.

Below are the listed programme objectives and policies the document spoke about into details and other key areas.

  1. Fiscal Consolidation to Support Return to Sustainability.
  2. Social Impact, Spending and Policies.
  3. Structural Fiscal Reforms to Durably Anchor Sustainability.
  4. Debt Management and Restructuring.
  5. Monetary and Exchange Rate Policy.
  6. Financial Sector Stability.
  7. Reforms to Bolster Governance.
  8. Other Structural Reforms to Support Inclusive Growth.


Download the full document on REQUEST FOR AN ARRANGEMENT UNDER THE



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