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. A stronger central bank balance sheet, it says, is vital to maintaining long-term financial stability.

Complete external debt restructuring

Although Ghana has reached agreements with official creditors and most commercial creditors, negotiations with a small group of external commercial creditors remain unresolved. The IMF wants these discussions concluded through good-faith negotiations to complete the country's debt restructuring process.

Reform state-owned enterprises

The IMF continues to identify state-owned enterprises in the energy and cocoa sectors as major fiscal risks. It is urging the government to strengthen governance, improve financial oversight and implement reforms to prevent these entities from creating future debt burdens.

Keep public debt on a sustainable path

The Fund wants fiscal policy to remain firmly focused on Ghana's objective of reducing public debt to 45 per cent of GDP by 2034. Even as fiscal pressures ease, government expenditure should remain consistent with long-term debt sustainability.

Strengthen the financial sector

Despite improvements in the resilience of Ghana's financial sector, the IMF says vulnerabilities persist in some state-owned and private banks, as well as specialised deposit-taking institutions. It recommends stronger supervision, timely corrective measures, and the completion of the country's financial sector crisis management and resolution framework.

Expand social protection

The IMF believes fiscal consolidation should be balanced with stronger social protection. It wants the government to channel improved fiscal performance into programmes that support vulnerable households while ensuring economic recovery remains inclusive and private sector-led.

Advance governance and anti-corruption reforms

Finally, the IMF says stronger governance will be crucial to sustaining investor confidence and public trust. It is calling for the effective implementation of the reformed asset declaration framework and the timely passage of the Conduct of Public Officials Bill, which is currently before Parliament.