Ghana’s economic reform programme with the International Monetary Fund is approaching a key milestone, with the country’s sixth and final review expected to be presented to the Fund’s Executive Board on July 27 alongside a request for a new Policy Coordination Instrument (PCI).
This was disclosed by IMF Mission Chief for Ghana, Ruben Atoyan, in comments ahead of a forthcoming JoyNews interview.
He explained that the IMF team is returning to Washington to finalise its staff report and present what he described as a “strong case” for Board approval of Ghana’s programme review.
If approved, the decision will clear the way for the disbursement of more than $318 million, representing the final tranche under Ghana’s Extended Credit Facility (ECF) arrangement, to the Bank of Ghana.
Dr. Atoyan clarified that the process is still ongoing, stressing that the recent engagement in Accra produced only a staff-level agreement and not a formal conclusion of the programme.
“What happened in Accra was a staff-level agreement, and not a programme conclusion,” he noted.
He added that the agreement reflects consensus between the IMF and the Government of Ghana on policies required to complete the final review.
Describing the recent mission as “very fruitful,” Dr. Atoyan said the team engaged not only government officials but also stakeholders across key sectors, including cocoa farmers, power producers, and representatives of the gold refining industry.
According to him, these broader consultations are critical in shaping the IMF’s final assessment of Ghana’s economic performance under the programme.
He expressed optimism that Ghana would meet all outstanding commitments ahead of the Board meeting scheduled for July 27.
“We are hopeful that by July 27, all commitments have been undertaken by the Government, so we can secure the necessary approvals,” he said.
A staff team led by Dr. Atoyan visited Accra from April 29 to May 15 to conclude discussions on the sixth review of Ghana’s ECF-supported programme, the 2026 Article IV consultation, and the country’s request for a non-financing PCI.
At the end of the mission, the International Monetary Fund acknowledged Ghana’s progress, citing reduced inflation, improved foreign reserves, stronger currency confidence, and advances in debt restructuring.
However, the Fund also urged further reforms in the energy sector, particularly at the Electricity Company of Ghana, calling for reduced distribution losses and improved revenue collection, including potential private sector participation.
Ghana entered its 36-month IMF-supported programme in May 2023 with access to about $3 billion in financing.
