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Monday, 15 June 2026
Ghana’s news, on the hour · Est. 2026
Monday, 15 June 2026
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Ghanaian press · Event

Policy Coordination Instrument

Also known as: PCI

2026-05-132026-06-15
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In coverage

Verbatim sentences from the source article.

  1. May 2026

  2. Joy Online

    … This ushers the country into a new 36-month Policy Coordination Instrument request. …

    Ghana must seize hard-won fiscal space to drive growth, jobs – IMF

  3. Joy Online

    … At top of the risks were state-owned enterprises (SOEs) and quasi-fiscal activities outside the central government and commodity price volatility, noting its centrality to the new three-year non-financial Policy Coordination Instrument (PCI) agreement with the IMF. …

    IMF identifies Ghana’s key risks post-$3bn loan-supported programme

  4. Joy Online

    … The IMF Africa Department Division Chief said new Policy Coordination Instrument replacing the Extended Credit Facility, would prioritise safeguards against contingent liabilities and quasi-fiscal risks going forward.

    Gov’t rules out compensation for bondholders affected by DDEP haircuts

  5. Joy Online

    The International Monetary Fund (IMF) is expected to present Ghana’s sixth and final programme review, together with the country’s request for a new Policy Coordination Instrument (PCI), to its Executive Board on July 27. …

    IMF Board to decide Ghana’s final review and new PCI deal on July 27

  6. Joy Online

    … The IMF last week announced that Ghana had concluded its Extended Credit Facility programme, and transited into another, the Policy Coordination Instrument, a non-financing programme, which also allows the IMF to supervise the government’s policies with some form of restrictions …

    IMF Exit: Ghanaians now expect stable utility tariffs and exchange rate, less taxes, lower cost of living

  7. Joy Online

    … Instead, the government intends to transition onto a non-financing IMF instrument known as the Policy Coordination Instrument (PCI). …

    Gov’t rules out return to global debt markets as IMF bailout ends

  8. Ghana seeks new three-year IMF Policy Coordination Instrument

    1. Joy Online

      … This ushers the country into a new 36-month Policy Coordination Instrument. Mr Atoyan, who is also a Division Chief in the IMF’s African Department, described Ghana’s fiscal and economic turnaround as “remarkable,” noting that the country was now in a position to use the gains fr …

      Ghana must seize hard-won fiscal space to drive growth, jobs – IMF

    2. Joy Online

      … The new three-year IMF programme, which the government has requested, known as the Policy Coordination Instrument, will require the IMF’s seal of approval for the government’s policies over the next three years for credit-worthy ratings or otherwise. …

      Government of Ghana requests new 3-year program from the IMF

  9. The Chronicle

    … In a statement issued by the Jubilee House and shared by Cassiel Ato Forson, the government said Ghana would now transition from the IMF-supported financing programme to a non-financing Policy Coordination Instrument (PCI), aimed at sustaining reforms and strengthening investor c …

    GHANA EXITS IMF BAILOUT PROGRAMME

  10. Joy Online

    … The IMF also revealed that it had reached staff-level agreement with the government on a new non-financing 36-month Policy Coordination Instrument (PCI) to support reforms after the current bailout programme ends. …

    IMF pushes government to privatise ECG operations amid energy sector crisis
Business

Bank of Ghana defends cedi, warns against currency speculation

The News

The Bank of Ghana defended the cedi's fundamentals and cautioned market participants against speculative positions, arguing that stronger external buffers and improving macroeconomic conditions support exchange rate stability despite recent pressures. The cedi weakened 0.94 percent against the dollar week-on-week and 10.14 percent year-to-date, with the central bank supplying US$250 million through auctions as demand continued to outpace supply.

Why it matters

The cedi's 10.14 percent year-to-date depreciation and central bank's defensive stance signal ongoing currency instability with direct impact on cost of living.

3 June 2026 · Business & Financial Times →

Wednesday 3 June

  1. Bank of Ghana defends cedi, warns against currency speculation

    The Bank of Ghana defended the cedi's fundamentals and cautioned market participants against speculative positions, arguing that stronger external buffers and improving macroeconomic conditions support exchange rate stability despite recent pressures. The cedi weakened 0.94 percent against the dollar week-on-week and 10.14 percent year-to-date, with the central bank supplying US$250 million through auctions as demand continued to outpace supply.

    3 June 2026 · Business & Financial Times →

Friday 29 May

  1. Bank of Ghana to raise $1bn bond for 2026/27 cocoa purchases

    The Governor of the Bank of Ghana has announced that cocoa purchases for the 2026/27 crop season will be financed through $1 billion to be raised from the domestic bond market, part of efforts to strengthen Ghana's cocoa financing system and reduce dependence on foreign borrowing.

    29 May 2026 · Joy Online →

Saturday 23 May

  1. Ghana risks IMF return without sustained fiscal discipline

    The Executive Director of the Centre for Policy Scrutiny has warned that Ghana could return to the IMF within a few years if it fails to maintain fiscal discipline and implement structural reforms after its current bailout programme ends. He cited Ghana's historical pattern of returning to the IMF every four years on average since independence, most recently in 2023 after the previous programme ended in 2019.

    23 May 2026 · Joy Online →

Thursday 21 May

  1. Professor warns Ghana needs comprehensive reform beyond fiscal targets

    Professor Godfred Bokpin of the University of Ghana says the government cannot focus selectively on fiscal targets and must address structural challenges, particularly environmental destruction from illegal mining, to sustain economic recovery. He warned that Ghana remains vulnerable despite recent gains and projects the country could return to an IMF programme by 2032–2033 without deeper reforms.

    21 May 2026 · Joy Online →

Wednesday 20 May

  1. MPC reassesses policy as Middle East conflict raises inflation risks

    Ghana's central bank Governor told the 130th Monetary Policy Committee that renewed inflation risks from the prolonged Middle East conflict threaten the country's recent macroeconomic gains, and the committee is expected to reassess interest rates and monetary policy. He warned that rising global energy prices and deteriorating external conditions could transmit through higher transport and food costs, affecting inflation expectations in Ghana's oil-importing economy.

    20 May 2026 · Business & Financial Times →

Tuesday 19 May

  1. Ghana's IMF Policy Coordination Instrument offers credibility, not growth stimulus

    Ghana has replaced its three-year IMF Extended Credit Facility with a Policy Coordination Instrument (PCI), marking symbolic progress after sovereign default and debt restructuring. However, the PCI is fundamentally a credibility tool rather than an economic stimulus, and judging it by growth expectations risks misleading national conversation about its actual purpose.

    19 May 2026 · Business & Financial Times →

  2. Former deputy finance minister calls for structural reforms, not spending cuts

    Stephen Amoah, former Deputy Finance Minister and MP for Nhyiaeso, has urged Ghana to undertake far-reaching structural economic reforms to prevent future IMF bailouts. He argued that arbitrary expenditure reductions without econometric analysis risk harming GDP-critical sectors, and criticised government domestic borrowing for suppressing private sector growth.

    19 May 2026 · Joy Online →

  3. IMF programme stabilised Ghana's economic indicators

    Banking consultant Dr Richmond Atuahene has said the IMF programme played a key role in stabilising Ghana's inflation, exchange rate, and foreign reserves. Ghana has exited the US$3 billion Extended Credit Facility ahead of schedule and will move to a non-financing Policy Coordination Instrument framework, reflecting improved macroeconomic stability.

    19 May 2026 · Joy Online →

  4. Bank of Ghana flags Middle East conflict inflation threat

    The Bank of Ghana Governor warns that the escalating Middle East conflict and rising global energy prices pose the biggest threat to Ghana's economic stability, risking inflation pressures that could undermine recent economic recovery. The Strait of Hormuz closure has sustained crude oil price increases, prompting the IMF to downgrade 2026 global growth from 3.3 to 3.1 percent.

    19 May 2026 · The Chronicle →

Monday 18 May

  1. Ghana exits IMF bailout programme, shifts to fiscal independence

    Ghana has formally exited its Extended Credit Facility programme with the International Monetary Fund ahead of schedule, attributing the early conclusion to fiscal discipline, structural reforms, and improved investor confidence. The exit marks a transition from crisis management to sovereign financial independence for West Africa's second-largest economy.

    18 May 2026 · Joy Online →

  2. Ghana should use fiscal reforms to boost growth and jobs

    The IMF urged Ghana to leverage the fiscal space created by its policy reforms and economic stabilisation programme to drive strategic investments and create jobs. Ghana's three-year US$3 billion loan programme is ending, and the country is moving into a new 36-month Policy Coordination Instrument arrangement.

    18 May 2026 · Joy Online →

  3. IMF warns of SOE and commodity risks after Ghana loan exit

    Ghana exited its US$3 billion IMF loan programme on May 15 after three years of austerity. The IMF has identified state-owned enterprises and commodity price volatility as key risks that could derail growth gains, and has agreed a new three-year non-financial Policy Coordination Instrument with the country.

    18 May 2026 · Joy Online →

  4. Government rules out compensation for DDEP bondholders

    Finance Minister Cassiel Ato Baah Forson has said the government will not compensate bondholders who incurred losses under the Domestic Debt Exchange Programme, noting there are no reimbursement agreements and citing the relief the restructuring gave the country. The DDEP restructured about GHS137bn in domestic bonds, helping reduce public debt to 56.6 per cent of GDP by the end of 2024.

    18 May 2026 · Joy Online →

  5. IMF Board to decide Ghana's sixth review and new PCI on July 27

    The IMF will present Ghana's sixth and final programme review and a request for a new Policy Coordination Instrument to its Executive Board on July 27. Once approved, Ghana is expected to receive a final tranche of more than $318 million under its bailout programme.

    18 May 2026 · Joy Online →

Sunday 17 May

  1. Ghanaians expect stable utilities and lower costs post-IMF exit

    Following Ghana's conclusion of its Extended Credit Facility programme with the IMF and transition to a non-financing Policy Coordination Instrument, Ghanaians from various sectors express expectations that the exit will bring improvements in utility tariffs, exchange rate stability, and cost of living, rather than further deterioration. Business owners and traders cite recent sacrifices including new taxes and high electricity bills, and hope the IMF exit will ease economic burdens without additional tax increases.

    17 May 2026 · Joy Online →

  2. Ghana rules out capital markets return as IMF bailout ends

    Ghana will not return to international capital markets for the remainder of 2026 as its three-year IMF bailout programme concludes, the Finance Minister announced. Instead, the government will transition to the IMF's Policy Coordination Instrument, a non-financing framework that signals policy credibility without direct fund disbursements.

    17 May 2026 · Joy Online →

Saturday 16 May

  1. Ghana must use fiscal gains to drive growth and jobs—IMF

    The IMF urged Ghana to leverage the significant fiscal space created by its economic stabilisation programme and policy reforms to drive strategic investments and create jobs. The briefing marked the end of Ghana's three-year US$3 billion IMF loan programme and the country's transition to a new 36-month Policy Coordination Instrument.

    16 May 2026 · Joy Online →

Friday 15 May

  1. Ghana seeks new three-year IMF Policy Coordination Instrument

    The government has requested a new three-year IMF programme, the Policy Coordination Instrument, to follow the conclusion of its Extended Credit Facility Programme. The new program will require IMF seal of approval every six months to maintain Ghana's creditworthiness and access to international credit markets as domestic revenue shrinks.

    15 May 2026 · Joy Online →

  2. Ghana exits IMF bailout, transitions to policy coordination instrument

    Ghana has completed its Extended Credit Facility programme with the IMF and will transition to a non-financing Policy Coordination Instrument to sustain reforms. The government credits the turnaround to fiscal consolidation and structural reforms under John Dramani Mahama's administration, citing improvements in inflation, currency appreciation, debt-to-GDP ratio, and economic growth.

    15 May 2026 · The Chronicle →

  3. IMF urges Ghana to privatise ECG operations as energy crisis deepens

    The International Monetary Fund has pushed Ghana to accelerate private sector participation in the Electricity Company of Ghana's operations, warning that persistent energy sector problems threaten public finances and economic stability. The IMF identified tackling ECG's distribution and collection losses, enhancing payment discipline, and clearing legacy arrears as priority reforms needed to protect public resources.

    15 May 2026 · Joy Online →

  4. IMF praises Ghana's recovery, warns against abandoning reforms

    The International Monetary Fund says Ghana's economic recovery programme has delivered "substantial stabilisation gains," with falling inflation, stronger fiscal performance and improved foreign reserves, though it cautions against reversing reforms amid global economic uncertainty.

    15 May 2026 · Joy Online →

Thursday 14 May

  1. Ghana reportedly in talks for 18th IMF programme despite economic gains

    Ghana has achieved significant economic improvements—including a cedi appreciation of 32 percent, inflation falling from over 23 percent to 3.8 percent, record reserves, and debt restructuring—yet reports suggest the country is entering talks for another IMF programme, prompting questions about why such support is still needed given the apparent recovery.

    14 May 2026 · Joy Online →

Wednesday 13 May

  1. Ghana considers multiple IMF engagement options post-programme

    Ghana is weighing several IMF instruments for its next phase of economic management, including a successor Extended Credit Facility arrangement, a Standby Credit Facility, and Post-Programme Monitoring, which will be automatically triggered upon the current programme's completion given Ghana's access level of 304 percent of quota.

    13 May 2026 · Joy Online →

Policy Coordination Instrument — Ghanaian press coverage · Ghana Minute