Finance Minister Dr Cassiel Ato Forson has announced that Ghana will transition to a 36-month Policy Coordination Instrument (PCI) with the International Monetary Fund (IMF) after the completion of its Extended Credit Facility (ECF) programme.
Delivering the 2026 Mid-Year Budget Review in Parliament on Thursday, July 23, the Finance Minister said the IMF Executive Board is expected to approve the new arrangement alongside the final review of Ghana’s bailout programme.
He explained that the PCI is a non-financing programme designed for countries that have restored economic stability and are no longer expected to require IMF financial assistance to address balance of payments challenges.
“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,” Dr Ato Forson told Parliament.
According to him, the new programme will provide a framework to sustain Ghana’s economic recovery by deepening reforms aimed at strengthening macroeconomic stability and ensuring long-term growth.
The Minister said the government’s priorities under the PCI will include maintaining fiscal discipline that supports growth, preserving debt sustainability, improving fiscal governance and transparency, strengthening monetary and exchange rate policies, safeguarding financial sector stability, and promoting economic diversification and inclusive growth.
Dr Ato Forson expressed optimism that Ghana’s commitment to implementing the reforms would enhance the country’s credibility with investors and development partners.
“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,” he said.
He noted that the transition from the ECF to the PCI reflects Ghana’s improving economic outlook and the government’s determination to sustain reforms beyond the bailout programme.
