Ghana’s fiscal performance, revenue mobilisation and preparations for the 2027 Budget are expected to dominate discussions as an International Monetary Fund (IMF) mission begins formal engagements with the government today.
JoyBusiness understands from sources familiar with the visit that the discussions will examine economic performance during the first nine months of the year and the policies needed to sustain recent gains.
The engagements are also expected to cover Ghana’s debt position, expenditure management for the remainder of the year and spending plans for 2027, as the government prepares to prioritise infrastructure investment in the upcoming budget.
On the monetary side, sources indicate that Ghana’s inflation-targeting framework, monetary policy and foreign exchange arrangements are likely to feature prominently.
The mission could also assess the Bank of Ghana’s financial position, international reserves and measures to safeguard the central bank’s independence.
Initial discussions are expected to involve officials from the Ministry of Finance and the Bank of Ghana, with other key economic stakeholders likely to participate during the two-week visit.
Ghana’s PCI Programme and Mission Visit
The mission, led by Dr Ruben Atoyan, forms part of Ghana’s engagement with the IMF under the Policy Coordination Instrument (PCI), a non-financing framework intended to consolidate economic gains and sustain policy reforms.
The IMF Executive Board completed the sixth and final review of Ghana’s Extended Credit Facility arrangement on July 27, 2026, and considered the country’s request for a 36-month PCI.
Although the PCI does not provide direct IMF funding, its review process offers the government an opportunity to demonstrate progress on its policy commitments and reinforce confidence among investors and development partners.
Finance Minister Dr Cassiel Ato Forson has previously described the framework as an anchor for Ghana’s next phase of reforms, aimed at strengthening economic resilience and supporting broad-based growth.
He said the programme would help preserve gains made under IMF-supported reforms while reinforcing policy credibility and investor confidence.
PCI Programme and What It Means for Ghana
The PCI allows countries to maintain close policy engagement with the IMF without receiving financing under the instrument.
It supports the design and implementation of economic reforms and helps signal policy credibility to development partners and private investors.
Its objectives include strengthening macroeconomic stability, addressing underlying economic imbalances and building resilience against shocks.
Although it provides no direct funding, the PCI requires policies that meet standards comparable to those under IMF lending arrangements. The IMF assesses performance through reviews on a fixed schedule, typically every six months.
The instrument requires IMF Executive Board approval, unlike a Staff-Monitored Programme, which is an informal arrangement between IMF staff and a member country.