IMF team arrives in Ghana for first review under Policy Coordination Instrument

An International Monetary Fund (IMF) mission is expected in Accra this week for Ghana’s first review under the Policy Coordination Instrument (PCI), with preparations for the 2027 Budget and the country’s fiscal performance expected to feature prominently in discussions.

The two-week mission will be led by the IMF’s Chief of Mission to Ghana, Dr Ruben Atoyan, and is expected to assess the country’s economic performance and progress on reforms aimed at sustaining macroeconomic stability.

The PCI allows countries to demonstrate progress on economic commitments and strengthen policy credibility with investors and development partners without borrowing directly under the instrument.

Discussions are expected to focus on the proposed 2027 Budget and its alignment with Ghana’s commitments under the PCI.

The team is also expected to examine fiscal performance up to September 2026, particularly revenue mobilisation and measures to strengthen government revenue.

Other issues likely to feature include the recapitalisation of the Bank of Ghana, banking-sector supervision and regulation across the wider financial sector.

The IMF mission is also expected to assess challenges in the energy sector, including legacy debts and their implications for government finances.

The team is expected to meet government officials, central bank representatives and other stakeholders before issuing a statement on its findings.

Ghana’s first PCI review

The visit forms part of Ghana’s engagement with the IMF under the PCI, a non-financing framework designed to support economic reforms and consolidate gains in macroeconomic stability.

The IMF Executive Board completed the sixth and final review of Ghana’s Extended Credit Facility (ECF) arrangement on July 27, 2026, while also considering the country’s request for a 36-month PCI.

Unlike the ECF, which provides financial support, the PCI allows countries to demonstrate progress on economic commitments and strengthen policy credibility with investors and development partners without borrowing directly under the instrument.

Finance Minister Dr Cassiel Ato Forson has said the framework is intended to anchor Ghana’s next phase of economic reforms, preserve gains made under the IMF-supported programme and strengthen resilience against economic shocks.

He has also linked the arrangement to efforts to boost investor confidence and support broad-based growth.

The PCI supports the design and implementation of economic reforms, helps address underlying economic imbalances and seeks to strengthen countries’ capacity to withstand domestic and external shocks.

Although it does not provide direct funding, the instrument requires approval by the IMF Executive Board. Progress is assessed through scheduled reviews, normally every six months, against policy commitments.

The PCI differs from a Staff-Monitored Programme, which is an informal arrangement between a country and IMF staff and does not require approval by the IMF Executive Board.