The Executive Board of the International Monetary Fund (IMF) is expected to meet today to consider and approve Ghana’s sixth and final review under the Extended Credit Facility (ECF) programme.
JOYBUSINESS understands that approval of the review will unlock a final disbursement of about US$318 million for Ghana.
The Board is also expected to consider and approve Ghana’s request for a 36-month Policy Coordination Instrument (PCI), a non-financing arrangement that will guide the country’s economic reforms after the conclusion of the IMF bailout programme.
Unlike the ECF, the PCI does not provide direct funding. Instead, it offers closer policy engagement with the IMF and signals a country’s commitment to reforms, helping to strengthen investor confidence and attract support from development partners.
The PCI is designed to help countries maintain macroeconomic stability, build resilience against external shocks, address structural imbalances and support sustainable economic growth.
Why the Board Is Meeting
Today’s meeting follows the staff-level agreement reached between Ghana and the IMF in April after the Fund’s mission to Accra.
JOYBUSINESS understands that government has since met key quantitative and structural targets required for Board approval.
These include decisions on the recapitalisation and governance reforms of UMB Bank and Prudential Bank, alongside other prior actions agreed under the programme.
Although Ghana is among several countries on the IMF Board’s agenda, approval today would formally conclude the country’s three-year ECF programme.
Earlier this year, IMF Mission Chief for Ghana, Dr Ruben Atoyan, told JOYBUSINESS that once the Board approves the review, the final tranche of more than US$318 million would be released to the Bank of Ghana.
Government Eyes Next Reform Phase
The Finance Minister, Dr Cassiel Ato Forson, has already indicated that Ghana is preparing to transition from the ECF to the PCI to preserve recent macroeconomic gains and deepen structural reforms.
Presenting the 2026 Mid-Year Budget Review, Dr Forson said the PCI would anchor the country’s next phase of reforms, strengthen macroeconomic resilience and support broad-based growth.
According to him, the new programme will focus on six priority areas: growth-friendly fiscal consolidation, debt sustainability, fiscal transparency and governance, stronger monetary and exchange rate policy frameworks, financial sector stability, and economic diversification.
He said the PCI would help preserve the gains achieved under the IMF-supported programme while reinforcing investor confidence and policy credibility.
Background
An IMF staff team led by Dr Ruben Atoyan visited Accra from April 29 to May 15 for Ghana’s 2026 Article IV consultation, the sixth and final review of the ECF programme, and discussions on the country’s request for a PCI.
At the end of the mission, the IMF said Ghana had achieved “substantial stabilisation gains”, including lower inflation, stronger international reserves, improved confidence in the cedi and progress in debt restructuring.
The Fund, however, urged government to press ahead with reforms in the energy sector, particularly efforts to improve efficiency at the Electricity Company of Ghana through private sector participation.
Ghana entered the 36-month ECF arrangement in May 2023 with access to about US$3 billion to help restore macroeconomic stability, implement fiscal reforms and support the country’s debt restructuring programme.
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