An International Monetary Fund (IMF) mission is expected in Accra this week for Ghana’s first review under the Policy Coordination Instrument (PCI), with preparations for the 2027 Budget expected to feature prominently in discussions.
The two-week mission will be led by Dr Ruben Atoyan and is expected to assess Ghana’s economic performance and progress on reforms aimed at sustaining macroeconomic stability.
2027 Budget, fiscal performance to dominate discussions
Discussions are expected to focus on the proposed 2027 Budget and its alignment with Ghana’s commitments under the PCI.
The visiting team is also expected to examine fiscal performance up to September 2026, particularly revenue mobilisation and measures to improve government receipts.
Other anticipated areas of engagement include the Bank of Ghana’s recapitalisation, banking-sector supervision and regulation of the broader financial sector.
Challenges in the energy sector, particularly legacy debts and their implications for public finances, are also expected to feature in the discussions.
The mission is expected to meet government officials, central bank representatives and other stakeholders before issuing a statement on its findings.
Why the IMF mission matters
The visit forms part of Ghana’s engagement with the IMF under the PCI, a non-financing framework designed to consolidate economic gains and sustain policy reforms.
On July 27, 2026, the IMF Executive Board completed the sixth and final review of Ghana’s Extended Credit Facility (ECF) arrangement and considered the country’s request for a 36-month PCI.
According to the IMF, the instrument allows countries to maintain close policy engagement with the Fund without receiving direct financing under the programme.
The review process provides Ghana with an opportunity to demonstrate progress on its economic commitments and reinforce confidence among investors and development partners.
Finance Minister Dr Cassiel Ato Forson has previously said the framework is intended to anchor the country’s next phase of reforms, strengthen economic resilience and support broad-based growth.
He said it would help preserve the gains made under IMF-supported reforms while reinforcing policy credibility and investor confidence.
Understanding the Policy Coordination Instrument
The PCI supports countries in designing and implementing economic reforms while signalling policy credibility to development partners and private investors.
Its objectives include strengthening macroeconomic stability, addressing underlying economic imbalances and building resilience against economic shocks.
Although the instrument does not provide direct funding, policies under it must meet standards comparable to those under IMF lending arrangements. Progress is assessed through scheduled reviews, normally conducted every six months.
The PCI requires approval by the IMF Executive Board, unlike a Staff-Monitored Programme, which is an informal arrangement between IMF staff and a member country.
