The International Monetary Fund (IMF) has reached a staff-level agreement with Ghana on the sixth and final review of the country's Extended Credit Facility (ECF) programme. The IMF also agreed on policies to support a new 36-month, non-financing Policy Coordination Instrument (PCI) as Ghana transitions from crisis stabilisation.
This agreement follows an IMF staff visit to Accra from April 29 to May 15, 2026. The visit included discussions for the 2026 Article IV consultation. It also covered the final ECF review and Ghana's request for a PCI. The ECF-supported program has delivered significant stabilisation gains, according to the IMF. These gains are due to strong reform efforts and progress in public debt restructuring.
Ghana's economy has shown remarkable improvement in key areas. Inflation has decreased significantly, and international reserves have been rebuilt. Confidence in the Ghana cedi has also improved. The country's fiscal performance strengthened, with the primary surplus exceeding its program target in 2025. Ghana's public debt ratio has also declined sharply. Economic growth surpassed expectations in 2025, driven by broad-based activity. The external position improved due to record-high gold export receipts. This positive trend indicates Ghana's movement towards economic stability after recent challenges.
Ruben Atoyan, who led the IMF staff team, stated on May 15, 2026, that Ghana's ECF program delivered substantial stabilisation gains. He highlighted rapid inflation decline, rebuilt international reserves, and improved cedi confidence. Mr. Atoyan further explained that fiscal performance strengthened notably. The primary surplus overperformed the program target in 2025. The public debt ratio also declined sharply. This expert perspective confirms Ghana's robust economic progress.
The transition to a PCI means the IMF’s role shifts from emergency financing to policy assurance. The PCI does not provide direct funding. Instead, it offers a formal framework to anchor reforms and maintain policy discipline. Ghana’s recovery remains vulnerable to external shocks and fiscal risks. The global environment is uncertain, with potential impacts from higher energy, food, and fertiliser prices. This requires prudent policies to safeguard economic resilience. The new PCI will focus on sustaining growth-friendly fiscal adjustment. It will also safeguard debt sustainability and strengthen fiscal transparency. The instrument aims to enhance monetary and exchange-rate policy and reinforce financial stability. Furthermore, it supports economic diversification and inclusive growth. These measures are critical for Ghana’s long-term economic health and development. Ghana's debt trajectory improvements have created carefully calibrated fiscal space under the PCI. This allows the country to address development needs and promote youth employment. It also strengthens social spending while maintaining the legislated 45% of GDP debt anchor by 2034. The IMF suggests lowering Ghana's primary surplus to 0.5% of GDP from 2027. This would align with safeguarding debt sustainability, provided public financial management improves. Enhanced fiscal risk management and state-owned enterprise governance are also vital. Oversight of quasi-fiscal activities is another key area for progress.