Also known as: PCI
Verbatim sentences from the source article.
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 haircutsJoy 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 27Joy 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 livingJoy 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 endsJoy 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 – IMFJoy 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 IMFThe 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 PROGRAMMEJoy 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 crisisJoy Online
… IMF staff team led by Ruben Atoyan visited Accra from April 29 to May 15 for discussions on Ghana’s 2026 Article IV consultation, the sixth and final review of the Extended Credit Facility (ECF), and the government’s request for a new non-financing Policy Coordination Instrument …
IMF backs Ghana’s recovery but warns against reform reversalsJoy Online
… The IMF’s presence – even in a non-financial, advisory capacity through instruments like the Policy Coordination Instrument – can reassure international investors and development partners that Ghana’s reforms are anchored. …
Ghana going back to the IMF for the 18th time?The IMF approved Ghana's final US$371 million disbursement under its Extended Credit Facility after acknowledging corrective measures by the Bank of Ghana to end temporary government financing that had breached lending limits. The BoG reaffirmed its commitment to zero monetary financing of government budgets to safeguard price stability and protect the cedi.
14 hours ago · Joy Online →
The IMF approved Ghana's final US$371 million disbursement under its Extended Credit Facility after acknowledging corrective measures by the Bank of Ghana to end temporary government financing that had breached lending limits. The BoG reaffirmed its commitment to zero monetary financing of government budgets to safeguard price stability and protect the cedi.
14 hours ago · Joy Online →
The IMF has approved the final review of Ghana's three-year Extended Credit Facility programme, unlocking a final disbursement of $371 million and bringing total receipts to $3 billion. Ghana will now transition to a 36-month Policy Coordination Instrument with the IMF to support ongoing economic reforms without providing new financing.
28 July 2026 · The Ghanaian Times →
The IMF Executive Board has approved the final review of Ghana's three-year US$3 billion Extended Credit Facility programme, unlocking a final disbursement of approximately US$371 million and bringing total disbursements to the full US$3 billion. The Ministry of Finance described the completion as a major milestone in Ghana's economic recovery, reflecting progress in restoring macroeconomic stability through fiscal discipline and structural reforms.
28 July 2026 · The Chronicle →
The IMF has described Ghana's performance under its Economic Credit Facility programme as broadly satisfactory, noting that sustained reform efforts and favourable commodity prices have delivered macroeconomic stabilisation and debt sustainability gains, with inflation falling sharply, international reserves rebuilt beyond targets, and the primary fiscal balance swinging to a surplus.
27 July 2026 · Joy Online →
The IMF Executive Board has completed the sixth and final review of Ghana's US$3 billion, 39-month Economic Credit Facility arrangement and approved a disbursement of US$371 million. The Board also reviewed a new 36-month Policy Coordination Instrument and granted a waiver for a temporary breach of the ceiling on Bank of Ghana claims on central government and public entities under the domestic gold purchase programme.
27 July 2026 · Joy Online →
Ghana's three-year Extended Credit Facility programme with the IMF has been completed after the Fund's Executive Board approved the country's final review. The approval is expected to trigger the disbursement of more than US$300 million to Ghana and a new Policy Coordination Instrument, marking the end of the arrangement begun in 2023.
27 July 2026 · Joy Online →
The IMF Executive Board is expected to approve Ghana's sixth and final Extended Credit Facility review, unlocking a final disbursement of about US$318 million, and to greenlight a 36-month Policy Coordination Instrument to guide economic reforms after the bailout programme concludes. The PCI, a non-financing arrangement, will offer closer policy engagement with the IMF and signal Ghana's commitment to reforms.
27 July 2026 · Joy Online →
Eight months into Ghana's 2026 Budget reset, the cedi has remained broadly stable and the domestic bond market has reopened after a three-year absence, though observers note that sustaining discipline beyond the IMF programme and translating headline gains into better jobs and living standards remain key tests.
24 July 2026 · Daily Guide →
Ghana is moving from the IMF's Extended Credit Facility Programme to a 36-month Policy Coordination Instrument designed for countries without balance of payments needs, intended to consolidate macroeconomic gains and anchor the next phase of economic reforms through six key priorities including fiscal consolidation, debt sustainability, and financial sector stability.
24 July 2026 · Joy Online →
Finance Minister Ato Forson announced that Ghana's Extended Credit Facility programme is expected to conclude following final approval by the IMF Executive Board next week, after which Ghana will transition to a Policy Coordination Instrument, a non-financing arrangement for countries without balance-of-payment challenges.
23 July 2026 · Joy Online →
Finance Minister Dr Cassiel Ato Forson presented the 2026 Mid-Year Budget Review to Parliament on Thursday, July 23, outlining fiscal performance in the first half of 2026 and economic policy for the remainder of the year. The review highlighted stronger-than-expected economic performance, including inflation declining to 5.3 per cent, and is expected to maintain current tax policy while updating Parliament on Ghana's transition from the IMF's Extended Credit Facility programme to the Policy Coordination Instrument.
23 July 2026 · Joy Online →
The opposition New Patriotic Party has questioned the sustainability of the government's fiscal performance ahead of the 2026 Mid-Year Budget Review, arguing that the reported improvement in macroeconomic indicators was achieved largely through spending cuts rather than structural economic reforms. The NPP noted that although the government is expected to report a 2025 primary surplus of 2.6 per cent of GDP, government revenue missed its revised target by 4.7 per cent while expenditure was compressed by 13.8 per cent.
23 July 2026 · The Chronicle →
Finance Minister Dr Cassiel Ato Forson presented the 2026 Mid-Year Budget Review to Parliament on Thursday, July 23, assessing fiscal performance in the first half of the year. Key economic indicators showed stronger-than-expected performance with inflation declining to 5.3 per cent and improvements in fiscal consolidation, the external sector and debt sustainability since the budget was presented in November 2025.
23 July 2026 · Joy Online →
The Majority in Parliament has rejected the NPP's claims that Ghana's fiscal gains came mainly from expenditure cuts, arguing instead that improving economic indicators are backed by the IMF and reflect prudent fiscal management. Sagnarigu MP Atta Issah maintained that expenditure adjustments were necessary to protect deficit and primary balance targets after revenue fell short, while critical sectors were protected.
22 July 2026 · Joy Online →
Economist Professor Godfred Bokpin has urged the government to use the 2026 Mid-Year Budget Review to present a clear roadmap for sustaining economic gains beyond the IMF-supported programme, emphasizing that concrete long-term measures are needed rather than merely celebrating current progress.
22 July 2026 · Joy Online →
Finance Minister Dr Cassiel Ato Forson will present the government's New Economic Policy during the 2026 Mid-Year Budget Review to Parliament on July 23, marking a transition from economic stabilisation to long-term growth and consolidating recent macroeconomic gains. The review will also cover Ghana's concluded IMF Extended Credit Facility programme, transition to a new Policy Coordination Instrument, and progress on external debt restructuring.
20 July 2026 · Joy Online →
Finance Minister Dr Cassiel Ato Forson is expected to present the 2026 Mid-Year Budget Review to Parliament next week, subject to parliamentary approval and completion of Cabinet briefings. The review will outline the government's new economic agenda focused on consolidating macroeconomic gains, sustainable job creation, and economic resilience, and will include updates on Ghana's IMF Extended Credit Facility programme and debt restructuring progress.
14 July 2026 · Joy Online →
A KNUST economist argues Ghana should adopt long-term economic policies for sustainable transformation rather than repeatedly seeking IMF support, noting the country is currently under the IMF's Policy Coordination Instrument after completing a $3 billion Extended Credit Facility program.
8 July 2026 · Joy Online →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →