ACCRA, May 15 (Xinhua) -- The government of Ghana has completed a 36-month reform program supported by a three-billion-U.S.-dollar loan from the International Monetary Fund (IMF), Ghanaian government and IMF officials announced at a joint press briefing on Friday.
Ruben Atoyan, leader of the IMF review team, said at the press briefing that strong reform efforts by the Ghanaian government under the Extended Credit Facility-backed program have delivered substantial stabilization gains and significant progress in public debt restructuring.
"Inflation has declined rapidly, international reserves have been rebuilt, and confidence in the cedi has improved. Fiscal performance has strengthened markedly, with the primary surplus outperforming the program target in 2025," Atoyan said.
Moreover, he said the Ghanaian authorities have made significant progress in advancing domestic and external debt restructuring, contributing to an improved debt trajectory.
As macroeconomic stability takes hold, Atoyan said the IMF's engagement with the West African country is pivoting from crisis stabilization to consolidation, with a focus on helping sustain reform momentum and build resilience beyond the current ECF program.
The authorities and the IMF have agreed on a plan to support policies that will help maintain growth-friendly budget changes and keep debt under control, using a 36-month policy coordination instrument that does not involve direct funding, he said.
Meanwhile, Ghanaian Finance Minister Cassiel Ato Forson said the announcement marked the definitive end of Ghana's financial bailout relationship with the IMF, adding that the government is committed to maintaining fiscal discipline at all times to ensure that the country does not return to the IMF with such a crisis.
