IMF team expected in Ghana this week; 2027 Budget, energy debts in focus
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.
JoyBusiness understands from sources close to the IMF, contacted on the sidelines of the Annual Meetings in Bangkok, Thailand, that the mission will be led by Dr Ruben Atoyan and is expected to last two weeks.
The engagement is expected to assess Ghana’s economic performance and progress on reforms aimed at sustaining macroeconomic stability.
Areas of focus for the visiting IMF team
Discussions are likely to centre on the proposed 2027 Budget and its alignment with commitments under the PCI.
The team is also expected to examine fiscal performance up to September 2026, including revenue mobilisation and measures to improve government receipts.
Other anticipated areas of discussion include the Bank of Ghana’s recapitalisation, banking-sector supervision and the regulation of the wider financial sector.
Energy-sector challenges, particularly legacy debts and their implications for public finances, are also expected to feature prominently.
The mission is expected to engage government officials, the central bank and other stakeholders before issuing a statement on its findings.
Why this mission visit?
The visit forms part of Ghana’s engagement with the IMF under the PCI, a non-financing framework intended to help 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. IMF statement
Although the PCI does not provide direct IMF funding, the review process gives the authorities an opportunity to demonstrate progress on their economic commitments and reinforce confidence among investors and development partners.
Finance Minister Dr Cassiel Ato Forson has previously explained that the framework is intended to anchor Ghana’s next phase of reforms, strengthen economic resilience and support broad-based growth.
He said the programme would help preserve gains made under IMF-supported reforms while reinforcing policy credibility and investor confidence.
Understanding the Policy Coordination Instrument
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 can help countries 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, policies under the PCI must meet standards comparable to those under IMF lending arrangements. Performance is assessed through reviews on a fixed schedule, normally 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. IMF PCI factsheet
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