IMF Board to decide Ghana’s final review and new PCI deal on July 27

The International Monetary Fund (IMF) is expected to present Ghana’s sixth and final review under its Extended Credit Facility (ECF) programme to the Executive Board on July 27, alongside the country’s request for a new Policy Coordination Instrument (PCI).

This was disclosed by IMF Mission Chief for Ghana, Ruben Atoyan, during an interview on JoyNews’ PM Express Business Edition. According to him, the IMF delegation has concluded discussions in Accra and is returning to Washington DC to finalize its staff report before submitting recommendations to the Executive Board for approval.

If approved, Ghana is expected to receive the final disbursement of more than $318 million under the $3 billion bailout programme agreed with the IMF in 2023. The funds will be transferred directly to the Bank of Ghana and are expected to further strengthen the country’s foreign reserves and macroeconomic stability.

Dr. Atoyan clarified that the programme has not officially ended despite the recent staff-level agreement reached between the IMF and the Government of Ghana.

“What happened in Accra was a staff-level agreement and not the conclusion of the programme,” he explained. “It simply means the IMF team and the government have reached a common understanding on the policy actions needed to complete the review.”

He described the IMF mission to Ghana as productive and insightful, highlighting that the delegation engaged a wide range of stakeholders across key sectors of the economy. Beyond meetings with government officials, the IMF team also held discussions with cocoa farmers, power producers, and representatives from the gold refining industry.

According to Dr. Atoyan, these engagements provided the Fund with a broader understanding of Ghana’s economic conditions and the impact of ongoing reforms on businesses and ordinary citizens.

The IMF Mission Chief expressed optimism that Ghana would meet all outstanding conditions before the Executive Board meeting later in July.

“We are hopeful that by July 27, all commitments required by the Government of Ghana will have been completed so the Board can proceed with the necessary approvals,” he stated.

The IMF staff team, led by Dr. Atoyan, visited Accra from April 29 to May 15 as part of discussions on Ghana’s 2026 Article IV Consultation, the sixth and final review of the ECF programme, and the country’s request for a non-financing PCI arrangement.

At the conclusion of the mission, the IMF acknowledged that Ghana’s economic reform programme had delivered significant stabilization gains. These include declining inflation, stronger international reserves, renewed confidence in the Ghana cedi, and progress in restructuring the country’s debt.

However, the Fund also emphasized the need for deeper structural reforms, particularly within the energy sector. The IMF identified the Electricity Company of Ghana (ECG) as a major area requiring urgent attention, citing persistent distribution inefficiencies and revenue collection challenges.

The Fund recommended measures aimed at reducing technical and commercial losses at ECG while encouraging the government to finalize plans for greater private sector participation in electricity distribution.

Ghana entered into the 36-month IMF Extended Credit Facility programme in May 2023 after facing severe economic challenges, including high inflation, rising public debt, currency depreciation, and declining investor confidence. The programme has since played a key role in restoring macroeconomic stability and rebuilding confidence in the country’s economy.

The proposed Policy Coordination Instrument (PCI), which Ghana is now seeking after the completion of the bailout programme, is expected to support continued economic reforms without additional IMF financing. The arrangement would help the government maintain fiscal discipline, strengthen economic policies, and reassure investors of Ghana’s commitment to long-term economic stability.