The International Monetary Fund (IMF) is set to present Ghana’s sixth and final program review, along with the country’s request for a new Policy Coordination Instrument (PCI), to its Executive Board on July 27.
This information was shared by Ruben Atoyan, the IMF’s Mission Chief for Ghana, during an upcoming episode of JoyNews’ PM Express Business Edition. He explained that the IMF team is heading back to Washington, D.C., to finalize their staff report and build what he called a “strong case” for board approval of Ghana’s program.
Once the board approves the report, Dr. Atoyan noted that the final disbursement—over $318 million—from Ghana’s bailout program would be transferred to the Bank of Ghana. He also clarified that Ghana’s Extended Credit Facility (ECF) program hasn’t officially ended, despite the recent staff-level agreement reached in Accra.
“What happened in Accra was a staff-level agreement, not a program conclusion,” he said. “That means the IMF team and the government have reached a common understanding on the policies needed to complete this review.”
Dr. Atoyan described the IMF’s recent mission to Ghana as “very fruitful,” noting that the team engaged with stakeholders beyond official government meetings, including cocoa farmers, power producers, and a gold refinery. He emphasized that these interactions are vital to shaping the IMF’s final assessment of Ghana’s economic program.
He expressed confidence that the government would fulfill all remaining commitments ahead of the July board meeting. “We are hopeful that by July 27, all commitments have been undertaken by the government, so we can secure the necessary approvals,” he stated.
The IMF team, led by Dr. Atoyan, visited Accra from April 29 to May 15 to discuss the 2026 Article IV consultation, the sixth and final review of Ghana’s ECF program, and the country’s PCI request. At the mission’s conclusion, the IMF acknowledged that Ghana’s program had delivered “substantial stabilization gains,” including lower inflation, stronger reserves, improved cedi confidence, and progress on debt restructuring.
The Fund also highlighted the need for energy sector reforms, particularly at the Electricity Company of Ghana (ECG), urging a focus on reducing distribution and collection losses, including finalizing private sector participation in the distribution business.
Ghana entered its 36-month ECF arrangement with the IMF in May 2023, securing access to roughly $3 billion in support.
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