Ghana Not Fully Out of IMF Programme, PCI Now in Place – Oppong Nkrumah

The Member of Parliament for Ofoase Ayirebi, Kojo Oppong Nkrumah says Ghana has not fully exited the International Monetary Fund, clarifying that the government has instead entered a new three-year non-financing agreement under the Policy Coordination Instrument (PCI).

Speaking on Nhyira FM’s Krom Yi Mu Nsem, the former Information Minister welcomed the completion of the three-year, $3 billion Extended Credit Facility (ECF), describing it as an important milestone. However, he insisted that the PCI indicates that Ghana remains under IMF supervision.

“Nobody will say Ghana’s exit from the IMF bailout is not welcome news. But the economy has not yet stabilized, and for that reason, the IMF asked the government to sign a new three-year, non-financing deal, the PCI,” he told host Barima Kofi Dawson Akokoa.

He argued that the PCI limits Ghana’s full control over its financial policies, noting that the IMF will continue monitoring economic management even though the arrangement does not involve a bailout.

“So the government needs to let Ghanaians know the truth. It has signed another three-year deal with the IMF, and as a result, Ghana is not fully free in its economic decision-making,” he said.

Mr Oppong Nkrumah explained that the PCI is entirely different from the Article IV consultations that all IMF member states undergo annually.

“This is not an Article IV consultation. Under Article IV, the IMF is mandated to visit all member countries annually to review their economic data and provide advice, so signing a PCI is not required. And the government needs to establish that fact and move forward,” he said.

He further argued that the decision to enter a PCI contradicts the government’s narrative that the economy has stabilized and that the cost of living is easing.

“This is clear evidence that the IMF disputes the government’s claim that the economy has been stabilized,” he stated.

According to a May 15, 2026 statement from the IMF, its staff completed Ghana’s 2026 Article IV consultation and reached a staff-level agreement on the sixth and final review of the ECF, together with a request for a 36-month non-financing PCI. The programme aims to sustain fiscal discipline, safeguard debt sustainability, and reinforce stability within the financial sector.