Ghana is preparing to enter a new phase of its relationship with the International Monetary Fund (IMF), moving from a financial rescue programme to a three-year Policy Coordination Instrument (PCI) designed to keep economic reforms on track without additional borrowing.
The transition follows the expected completion of Ghana’s Extended Credit Facility (ECF) programme, which provided financial support after the country faced severe economic pressures, including high debt levels, rising inflation and foreign exchange challenges.
Presenting the 2026 Mid-Year Fiscal Policy Review to Parliament, Finance Minister Dr. Ato Forson said the IMF Executive Board is expected to approve the final review of Ghana’s ECF programme, bringing the bailout arrangement to a successful conclusion.
However, he explained that Ghana’s next step would not involve another financial assistance programme, but rather a 36-month Policy Coordination Instrument, a non-financing arrangement that will provide a framework for continued economic reforms and monitoring.
The PCI is designed for countries that no longer face immediate balance of payments challenges but want to maintain policy discipline and strengthen confidence in their economies.
According to Dr. Forson, the instrument will “anchor” Ghana’s next phase of reforms by supporting efforts to preserve economic stability, strengthen resilience and promote broad-based growth.
Unlike the ECF programme, which provided financing, the PCI will not provide new loans. Instead, it will require Ghana to meet agreed reform targets that will be reviewed by the IMF every six months.
The framework will focus on six key areas: maintaining fiscal discipline, preserving debt sustainability, improving governance and transparency, strengthening monetary and exchange rate policies, reinforcing financial sector stability and promoting economic diversification.
Dr. Forson said the continued implementation of reforms under the PCI would help strengthen Ghana’s path toward investment-grade status and improve the country’s ability to attract cheaper financing for productive investments.
“The PCI will anchor our next phase of reforms, strengthen macroeconomic resilience, support broad-based growth, and signal our unwavering commitment to sound and disciplined economic policies,” he said.
The Finance Minister added that the programme would include 26 reform targets to be monitored through semi-annual reviews, ensuring that commitments made by government translate into measurable progress.
