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 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. It is expected to assess the country’s economic performance and progress on reforms aimed at sustaining macroeconomic stability.
Discussions are expected to centre on the proposed 2027 Budget and its alignment with Ghana’s commitments under the PCI.
The team is also expected to assess fiscal performance up to September 2026, with particular attention to revenue mobilisation and measures to strengthen government receipts.
The IMF team is also expected to examine challenges in the energy sector, particularly legacy debts and their implications for government finances.
The mission is expected to meet government officials, central bank representatives and other stakeholders before issuing a statement on its findings.
Ghana’s first review under the PCI
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. It also considered Ghana’s request for a 36-month PCI.
Unlike the ECF, the PCI does not provide direct financial support. Instead, it allows countries to demonstrate progress on economic commitments and strengthen policy credibility with investors and development partners.
Finance Minister Dr Cassiel Ato Forson has said the framework is intended to anchor Ghana’s next phase of reforms, preserve gains made under the IMF-supported programme and strengthen economic resilience.
He has also linked the arrangement to efforts to boost investor confidence and support broad-based growth.
The PCI allows countries to maintain close policy engagement with the IMF without borrowing directly under the instrument.
It supports the design and implementation of economic reforms, helps address underlying economic imbalances and aims to build resilience against external and domestic shocks.
Although it does not provide funding, the framework is subject to IMF Executive Board approval. Its policy standards are comparable to those applied under IMF lending arrangements, with progress assessed through scheduled reviews, normally every six months.
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.
