An International Monetary Fund (IMF) delegation is expected to arrive in the country’s capital, Accra this week to evaluate Ghana’s performance under the Policy Coordination Instrument (PCI), with the proposed 2027 national budget expected to dominate discussions.
The two-week exercise will be headed by Dr Ruben Atoyan, the Fund’s Chief of Mission to Ghana, and will examine the country’s economic progress, fiscal management and implementation of key structural reforms.
A major focus will be whether the upcoming budget conforms to policy targets agreed upon under the programme, alongside an assessment of government finances for the first nine months of 2026.
Revenue generation is expected to attract particular attention, as authorities consider measures to improve tax collection and increase state income.
The delegation will also review efforts to strengthen the Bank of Ghana’s capital position, alongside regulatory oversight and monitoring within the banking industry and other financial institutions.
Developments in the energy sector will feature in the assessment, particularly outstanding liabilities and the potential consequences for public expenditure and overall fiscal stability.
During the visit, IMF representatives are expected to engage government officials, central bank authorities and relevant stakeholders before publishing their conclusions.
The engagement forms part of Ghana’s commitment to economic restructuring and maintaining stability through the PCI, a policy-based arrangement that does not provide direct funding.
On July 27, 2026, the IMF Executive Board concluded the sixth and final assessment of Ghana’s Extended Credit Facility (ECF) programme while considering the country’s application for a 36-month PCI arrangement.
Unlike the ECF, which provides financial assistance, the PCI enables participating nations to demonstrate their commitment to sound economic policies without receiving loans through the facility.
Ghana’s Finance Minister Dr Cassiel Ato Forson has described the initiative as an important mechanism for sustaining reforms, protecting achievements recorded under the previous IMF programme and improving the economy’s ability to withstand future challenges.
He has further emphasised its potential to restore investor confidence, attract development support and promote inclusive economic expansion.
Under the framework, participating countries receive continued technical and policy engagement with the Fund while implementing measures to correct economic weaknesses and address persistent imbalances.
Although the arrangement carries no direct financial assistance, it requires approval from the IMF Executive Board.
Participating governments must also meet policy benchmarks comparable to those under lending programmes, with formal assessments generally conducted twice a year.
The PCI differs from a Staff-Monitored Programme, which involves an informal understanding between a country’s authorities and IMF staff without requiring endorsement by the institution’s Executive Board.
By: Magdalene Agyeiwaa Sarpong