Ghana exits IMF ECF and says no Eurobonds in 2026, shifts to PCI monitoring

On May 15–16, 2026 Ghana announced it has exited its Extended Credit Facility with the IMF and will adopt a non‑financing Policy Coordination Instrument. Finance Minister Cassiel Ato Forson said the 2026 budget contains no assumption of international commercial borrowing and Eurobond issuance is off the table for 2026.

By shelving Eurobond issuance for 2026 and moving to an IMF Policy Coordination Instrument, Ghana shifts near‑term financing demand onto domestic revenue, concessional partners and local markets. That raises the likelihood of increased onshore government bond issuance and potential pressure on local yields and liquidity, conditional on auction coverage, central‑bank support and revenue performance.

Monitor sovereign domestic auction coverage, Treasury issuance calendar and Bank of Ghana FX/intervention statements.