Ghana completes its IMF Extended Credit Facility programme as public debt falls to 49 per cent of output
18 October 2026
The World Bank's Ghana overview records that Ghana successfully completed the IMF ECF Program in July 2026. A non-financing Policy Coordination Instrument is expected to sustain reform momentum afterwards. Public debt fell to 49 per cent by end-2025. Fiscal discipline delivered a 2.1 per cent primary surplus in 2025 and a 0.9 per cent surplus in the first half of 2026. The overview notes that the first-half surplus relied on compression of capital expenditure.
ECF programme completed:
July 2026
Public debt, end-2025:
49 per cent
Primary surplus, 2025:
2.1 per cent
Why it matters for exams: IMF programme completions and debt-to-output ratios are standard questions on an economy in recovery.
Kerala PSCUPSC
In plain words
ECF Extended Credit Facility — The IMF's main lending window for low-income countries, disbursed against agreed reforms.