Ghana is preparing to begin a new phase of its economic reform agenda with the adoption of a 36-month Policy Coordination Instrument (PCI) from the International Monetary Fund (IMF) following the successful implementation of its bailout programme, Finance Minister Dr Cassiel Ato Forson has announced.
Delivering the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, Dr Ato Forson said the IMF Executive Board is expected to approve the new programme together with the final review of Ghana’s Extended Credit Facility (ECF), marking the country’s transition from a financing arrangement to a non-financing reform framework.
According to the Finance Minister, the PCI is intended for countries that have overcome balance-of-payments challenges and no longer require financial support from the IMF.
“The Executive Board is also expected to approve a 36-month Policy Coordination Instrument, a non-financing arrangement designed for countries that no longer have and are not expected to face balance of payment needs,” he stated.
Dr Ato Forson explained that the new programme will serve as a roadmap for Ghana’s next phase of economic reforms by promoting macroeconomic stability, strengthening fiscal discipline and supporting sustainable economic growth.
He said the government will focus on six key priorities under the PCI. These include maintaining growth-friendly fiscal consolidation, preserving debt sustainability, improving fiscal transparency and governance, strengthening monetary and exchange rate policy frameworks, reinforcing financial sector stability, and promoting economic diversification and inclusive growth.
The Finance Minister expressed confidence that Ghana’s performance under the new arrangement would further boost investor confidence and improve the country’s access to development financing.
“We believe our strong implementation record, together with the successful execution of the PCI, will strengthen Ghana’s path towards investment-grade status and enhance our ability to mobilise concessional and development financing for productive public investment,” Dr Ato Forson said.
He noted that the PCI will build on the gains made under the IMF-supported ECF programme while reinforcing the government’s commitment to prudent macroeconomic management and long-term economic resilience.
