IMF Board Okays Ghana’s New Policy Coordination Instrument

The Executive Board of the International Monetary Fund [IMF] has approved Ghana to begin a new 36-month, non-bailout Policy Coordination Instrument [PCI] with the Fund.

The Ministry explained that the PCI is a non-financing arrangement that will support the Government’s reform agenda and help sustain confidence in Ghana’s economic policies.

It follows the approval of the final review of Ghana’s US$3 billion Extended Credit Facility [ECF] programme, bringing the three-year bailout programme to a successful conclusion.

This brings total disbursements under the ECF to US$3 billion and unlocks a final disbursement of approximately US$371 million to the Bank of Ghana.

Government expressed its sincere appreciation to the people of Ghana for their resilience, patience, and support throughout the reform programme.

It also thanked the IMF Executive Board, IMF Management and Staff, development partners, civil society, and the private sector for their continued support.

The programme began in May 2023 after the 2022 economic crisis.

The Ministry reaffirmed that the Government remains committed to protecting the gains achieved so far and to implementing ongoing reforms to build a stronger, more resilient, and more prosperous economy for all Ghanaians.

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