Ghana's IMF exit marks end of painful economic chapter - Dr. Theo Acheampong

Dr. Theo Acheampong described Ghana's completion of its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF) as something to celebrate on Saturday's Newsfile, considering the severe economic hardship Ghana had endured over the past few years. He said, "There is a lot to celebrate if you look at where we had come from - a very, very difficult position in the last two or three years."

The Government of Ghana, through Presidential Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu, officially announced the completion of the IMF-supported bailout programme on Friday, May 15, 2026, declaring it the end of the country's financial bailout relationship with the global lender. The government said the successful conclusion of the programme represented the restoration of macroeconomic stability and debt sustainability ahead of schedule. According to Dr. Acheampong, the economic challenges faced by Ghana over the last two to three years were among the harshest since the structural adjustment era of the 1980s. He noted that the scale of the country's crisis rivalled, and perhaps exceeded, the hardships experienced during the IMF-led structural adjustment reforms of the mid-1980s.

Dr. Acheampong stated that Ghana's recurring dependence on IMF assistance has largely been worsened by weak domestic economic management and limited fiscal resilience. He said that if you look at all the programmes from 1965 to the last one, two major recurring things stand out: external shocks and internal resilience. He also recalled how ordinary citizens suffered as government payment delays intensified during the height of the fiscal difficulties, referencing incidents in which frustrated individuals reportedly gathered at the Ministry of Finance demanding the release of funds owed to them.