IMF mission wraps up Ghana PCI review this week as economic targets take centre stage

The International Monetary Fund (IMF) mission to Ghana is expected to conclude its first Policy Coordination Instrument (PCI) review engagement this week, with economic targets and the country’s macroeconomic framework likely to dominate the final discussions. Sources say the closing engagements will review Ghana’s performance against quantitative targets for the year ending September, along with policies to sustain recent economic gains.

The mission is expected to hold a final round of discussions with Finance Minister Dr Cassiel Ato Forson and Bank of Ghana Governor Dr Johnson Asiama. The team, led by Dr Ruben Atoyan, may also meet members of Parliament, including the Finance Committee. The final discussions follow engagements with civil society organisations and visits to facilities, including the Tema Oil Refinery.

The mission has also discussed the banking sector, energy, Ghana’s debt position and ongoing reforms at some state-owned banks. What the team has covered so far Ghana’s fiscal performance, revenue mobilisation and preparations for the 2027 Budget have featured prominently in the discussions, sources say. The team has examined economic performance during the first nine months of the year and the policies needed to sustain recent gains.

Further engagements are expected to cover expenditure management for the rest of the year and spending plans for 2027. These discussions come as the government prepares to prioritise infrastructure investment in the upcoming budget. On monetary policy, the mission has discussed Ghana’s inflation-targeting framework and foreign exchange arrangements.

Sources say the team has also assessed the Bank of Ghana’s financial position, international reserves and measures to safeguard its independence. The review forms part of Ghana’s engagement with the IMF under the PCI, a framework designed to support economic stability and sustain policy reforms without providing direct funding. PCI programme and what it means for Ghana The PCI allows countries to maintain close policy engagement with the IMF without borrowing under the instrument.

It supports the design and implementation of economic reforms. It also helps demonstrate policy credibility to investors and development partners. Its objectives include strengthening macroeconomic stability, addressing economic imbalances and building resilience against shocks. Although the instrument provides no direct financing, participating countries must pursue policies that meet standards comparable to those under IMF lending arrangements.

The IMF assesses performance through scheduled reviews, typically every six months. The PCI requires approval from the IMF Executive Board. This distinguishes it from a Staff-Monitored Programme, an informal arrangement between IMF staff and a member country. For Ghana, the review provides an opportunity to demonstrate progress on policy commitments and reinforce confidence in its economic programme.