Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, says the conduct of monetary and fiscal policy under Ghana’s new arrangement with the International Monetary Fund (IMF) will be closely watched as an early test of the country’s ability to sustain economic discipline without the crisis conditions that shaped the previous programme.
Opening the 132nd meeting of the Monetary Policy Committee (MPC) in Accra on Wednesday, Dr Asiama said the meeting carries particular institutional significance as the first to be held under Ghana’s 36-month Policy Coordination Instrument (PCI), approved by the IMF Executive Board on July 27, 2026.
According to the Governor, the new arrangement represents Ghana’s transition from crisis stabilisation to a period in which the gains made must be consolidated.
“The PCI marks our transition from crisis stabilization to the consolidation phase. Our deliberations today, and the credibility with which we conduct our policy, will send an early signal to markets and the international community about the quality of our policy ownership in this new chapter,” he said.
Unlike the previous Extended Credit Facility (ECF), the Governor described the PCI as a policy-signalling instrument, making the credibility of Ghana’s economic management particularly important in determining how markets assess the country.
He said the conclusion of the ECF and the commencement of the PCI should not lead to a relaxation of the discipline exercised during the previous programme.
“The IMF Board decision in July brought the ECF to a successful close and opened a new phase of engagement with the Fund. This is a policy signalling instrument, and the markets will watch the behaviour of monetary and fiscal policy for credibility going forward,” Dr Asiama stated.
The new framework will face an early assessment, with the first review of the PCI scheduled for October.
Dr Asiama said the approaching review comes with accountability demands at a time when monetary authorities must carefully determine the appropriate policy stance for the economy.
The MPC is expected to conclude its deliberations on whether prevailing economic conditions require a change in monetary policy after examining staff assessments and the balance of risks confronting the economy.
The Governor said the Committee’s decisions must demonstrate strong analytical rigour as Ghana begins what he described as a new chapter in its engagement with the IMF.
