The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, says Ghana’s new engagement with the International Monetary Fund under a Policy Coordination Instrument (PCI) will focus on deepening reforms, strengthening policy credibility, and consolidating recent economic stability gains without additional IMF financing.
Speaking at the opening of the 130th Monetary Policy Committee (MPC) meeting, Dr Asiama described the proposed 36-month non-financing PCI arrangement as a “credible next step” in Ghana’s economic recovery journey following the completion of the country’s Extended Credit Facility (ECF) programme.
According to him, the IMF staff team concluded discussions in Accra on the final review of Ghana’s ECF programme, an Article IV consultation, and negotiations on the PCI arrangement on May 15, 2026.
“The PCI represents a considered and credible next step in Ghana’s institutional engagement with the international financial architecture,” he stated.
Unlike the ECF programme, the PCI will not provide direct financial support from the IMF. Instead, it is designed to support policy reforms, strengthen economic governance, and preserve investor confidence while allowing Ghana greater ownership of its economic programme.
Dr Asiama explained that the arrangement would help Ghana maintain the “signalling benefits” associated with IMF engagement while reducing dependence on IMF financing.
The Governor disclosed that the IMF acknowledged major gains made under the ECF programme, including lower inflation, stronger external reserves, improved confidence in the cedi, and enhanced debt sustainability.
However, he noted that the IMF also cautioned that global risks, particularly the Middle East conflict, continue to threaten economic stability through rising fuel, food, and fertilizer prices.
According to Dr Asiama, the PCI programme will be built around six major pillars: sustaining growth-friendly fiscal adjustment, safeguarding debt sustainability, strengthening transparency and governance, enhancing monetary and exchange rate policies, reinforcing financial sector stability, and supporting economic diversification and inclusive growth.
He indicated that the programme will also focus heavily on reforms within the Bank of Ghana, including improving monetary policy transmission, strengthening liquidity forecasting systems, and maintaining the inflation-targeting framework.
The Governor further revealed that the arrangement would support reforms aimed at improving oversight of the domestic gold purchase programme, strengthening foreign exchange management, and limiting quasi-fiscal activities.
“The PCI will focus on strengthening the Bank’s balance sheet over the medium term,” he said.
Dr Asiama stressed that the new arrangement signals confidence in Ghana’s reform trajectory while giving the country more control over its economic programme and policy direction.
