The Executive Board of the International Monetary Fund (IMF) is expected to meet today to consider Ghana's sixth and final review under the Extended Credit Facility (ECF) programme, with approval set to unlock a final disbursement of about US$318 million.
The Board is also expected to consider Ghana's request for a 36-month Policy Coordination Instrument (PCI), a non-financing arrangement that will guide the country's economic reform agenda after the conclusion of the IMF-supported bailout programme.
If approved, today's decision will formally conclude Ghana's three-year ECF programme, under which the country secured access to about US$3 billion in May 2023 to restore macroeconomic stability, implement fiscal reforms and support its debt restructuring programme.
Unlike the ECF, the PCI does not provide direct financial assistance. Instead, it offers closer policy engagement with the IMF while signalling a country's commitment to sound economic reforms, a move expected to strengthen investor confidence and attract support from development partners.
The PCI is designed to help countries preserve macroeconomic stability, build resilience against external shocks, address structural challenges and support sustainable economic growth.
Staff-level agreement
Today's meeting follows the staff-level agreement reached between the IMF and the Government of Ghana in April after the Fund's mission to Accra.
JOYBUSINESS understands that the government has since fulfilled the key quantitative and structural benchmarks required for Board approval.
Among the measures implemented are decisions on the recapitalisation and governance reforms of UMB Bank and Prudential Bank, alongside other prior actions agreed under the programme.
Although Ghana is one of several countries on the IMF Executive Board's agenda, approval of the review would clear the way for the release of the final tranche of more than US$318 million to the Bank of Ghana.
Earlier this year, the IMF Mission Chief for Ghana, Dr Ruben Atoyan, told JOYBUSINESS that the funds would be disbursed once the Executive Board approves the sixth review.
Transition to new reform programme
The Finance Minister, Dr Cassiel Ato Forson, has already announced that the government intends to transition from the ECF to the PCI to sustain the macroeconomic gains achieved under the IMF-supported programme and deepen structural reforms.
Presenting the 2026 Mid-Year Budget Review, Dr Forson said the PCI would anchor the country's next phase of economic reforms, strengthen macroeconomic resilience and support broad-based growth.
According to him, the programme will focus on six priority areas: growth-friendly fiscal consolidation, debt sustainability, fiscal transparency and governance, stronger monetary and exchange rate policy frameworks, financial sector stability, and economic diversification.
Government officials believe the transition to the PCI will help maintain reform momentum while reinforcing confidence among investors and development partners, even without direct IMF financing.
