An International Monetary Fund (IMF) mission is expected in Accra this week to assess Ghana’s economic performance and progress on reforms, with the proposed 2027 Budget and revenue mobilisation expected to dominate discussions.
The two-week mission, expected to be led by Dr Ruben Atoyan, forms part of Ghana’s first review under the Policy Coordination Instrument (PCI), a non-financing framework designed to sustain economic stability and strengthen the country’s reform agenda.
Sources close to the IMF, contacted by JoyBusiness on the sidelines of the Fund’s Annual Meetings in Bangkok, Thailand, said the team would examine key economic indicators and the government’s progress in meeting its policy commitments.
The review comes as the government prepares its 2027 Budget, which is expected to be assessed against the fiscal and economic objectives outlined under the PCI.
Fiscal discipline and revenue mobilisation
A major focus will be the government’s fiscal performance up to September 2026, including efforts to boost domestic revenue and improve the collection of state receipts.
The IMF team is also expected to assess the proposed 2027 Budget to determine whether its priorities and spending plans are consistent with Ghana’s commitments under the PCI.
The discussions are likely to examine the government’s fiscal position and the measures being pursued to sustain macroeconomic stability while advancing ongoing reforms.
Banking and energy-sector challenges
Beyond fiscal policy, the mission is expected to review the Bank of Ghana’s recapitalisation efforts, banking-sector supervision and the regulation of the broader financial sector.
The energy sector is another anticipated area of focus, particularly the persistent legacy debts and their implications for government finances.
The engagement is expected to bring together government officials, central bank representatives and other stakeholders to review progress and identify areas requiring further policy attention.
The IMF is expected to issue a statement on its findings after the mission concludes its engagements.
Ghana begins new phase of IMF engagement
The visit marks an important stage in Ghana’s engagement with the IMF following the conclusion of its Extended Credit Facility (ECF) programme.
On July 27, 2026, the IMF Executive Board completed the sixth and final review of Ghana’s ECF arrangement and considered the country’s request for a 36-month Policy Coordination Instrument.
Unlike the ECF, which provides financial support, the PCI does not offer direct funding. Instead, it provides a framework for countries to demonstrate their commitment to sound economic policies and reforms.
The review process is therefore an opportunity for Ghana to demonstrate that it is maintaining the gains achieved under the previous programme and implementing measures to strengthen its economic resilience.
Finance Minister Dr Cassiel Ato Forson has previously said the PCI would help anchor the country’s next phase of economic reforms, preserve macroeconomic gains and support broad-based growth.
He has also highlighted the importance of the framework in strengthening policy credibility and boosting confidence among investors and development partners.
How the PCI works
The Policy Coordination Instrument enables countries to maintain close engagement with the IMF on economic policies without accessing financing under the arrangement.
It is designed to support the formulation and implementation of reforms, strengthen macroeconomic stability, address underlying economic imbalances and improve resilience to external shocks.
Although the instrument does not provide direct financial assistance, the policies underpinning it are expected to meet standards comparable to those under IMF-supported lending programmes.
Progress is assessed through scheduled reviews, normally conducted every six months, allowing the IMF to evaluate whether a country is meeting its policy commitments.
The PCI requires approval by the IMF Executive Board, distinguishing it from a Staff-Monitored Programme, which operates as an informal arrangement between IMF staff and a member country.
