Ghana has officially completed the IMF bailout program that stabilised its economy after the 2023 debt default and currency collapse. Inflation is down, reserves are rebuilt, and the cedi has recovered. By the program's own metrics, the stabilisation has largely worked. But the IMF is not leaving. A new 36-month Policy Coordination Instrument, carrying no new financing but carrying real policy conditions, locks Accra into continued reform benchmarks on state-owned enterprises, central bank governance, energy sector restructuring, and debt management through 2029. The transition from crisis lending to reform monitoring is less dramatic than a bailout announcement, but it is the phase where the structural questions that caused Ghana's crisis in the first place either get resolved or set up the next one.