Dr. Cassiel Ato Forson, Finance Minister
Following the completion of the bailout programme, Ghana will now engage the International Monetary Fund (IMF) through a Policy Coordination Instrument, commonly referred to as a PCI, the government has said.
Under this particular three-year framework which is projected to end in 2029, the IMF will continue assessing Ghana’s macroeconomic policies and reform implementation while supporting efforts to maintain fiscal discipline and economic stability.
The government explained that unlike the Extended Credit Facility, the PCI is a non-financing arrangement designed to provide technical assistance, policy coordination and market confidence support without direct financial disbursement from the IMF.
The PCI framework is also expected to support the country’s broader ambition of achieving investment-grade status over the medium term.
According to the government, securing investment-grade ratings would help lower borrowing costs for both the sovereign and private sector, attract long-term investors, boost foreign direct investment and improve access to cheaper financing for infrastructure and private sector development.
Under the programme the country will still be required to meet strict policy and reform benchmarks, with programme reviews expected every six months to assess performance.
According to IMF guidelines, countries operating under the PCI can still access emergency IMF financing in future if major external shocks or balance-of-payments pressures emerge, subject to normal IMF approval processes.
Ghana’s move onto the instrument suggests authorities believe the country has moved beyond immediate balance-of-payments pressures and is entering a more stable phase of economic management.
IMF Bailout
The country completed its Extended Credit Facility (ECF) programme with the International Monetary Fund (IMF) on Friday, May 15, 2026, marking what it called the restoration of macroeconomic stability and debt sustainability ahead of schedule.
A statement from Minister of State in charge of Government Communications, Felix Kwakye Ofosu said, “Following the derailment of the IMF financial bailout programme at the end of 2024, the government of President John Mahama in 2025 acted decisively to bring it back on track and to recalibrate it by implementing a frontloaded fiscal consolidation, bold expenditure rationalisation, and strong structural reforms.”
The government said the measures have produced tangible results: inflation has fallen significantly, the cedi has strengthened, public debt as a share of GDP has declined sharply, and economic growth has rebounded.
A Business Desk Report