IMF Board to decide Ghana’s final review and new PCI request on July 27

The International Monetary Fund is expected to present Ghana’s sixth and final programme review, together with the country’s request for a new Policy Coordination Instrument, to its Executive Board on July 27.

IMF Mission Chief for Ghana, Ruben Atoyan, disclosed the scheduled date in an upcoming episode of JoyNews’ PM Express Business Edition.

According to him, the IMF team is returning to Washington DC to prepare its final staff report and make what he described as a strong case for Board approval of Ghana’s programme.

Dr Atoyan explained that once the Board gives the green light, the final tranche of more than 318 million dollars under Ghana’s bailout programme will be transferred to the Bank of Ghana.

He clarified that Ghana’s Extended Credit Facility has not officially concluded, despite the recent staff-level agreement reached in Accra.

“What happened in Accra was a staff-level agreement and not a programme conclusion,” he said.

“This means the IMF team and the Government of Ghana have reached an understanding on the policies needed to complete this review.”

Dr Atoyan described the mission as very fruitful, noting that his team engaged a wide range of stakeholders beyond government officials.

“We had the opportunity to engage cocoa farmers, power producers and some gold refinery as well,” he said, adding that such engagements are essential to shaping the final assessment of Ghana’s progress.

He expressed optimism that the government would complete all outstanding commitments before the 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.

An IMF team led by Dr Atoyan visited Accra from April 29 to May 15 to discuss the 2026 Article IV consultation, the final review of Ghana’s ECF programme and the country’s request for a non-financing PCI.

At the end of the mission, the IMF said Ghana’s programme had delivered substantial stabilisation gains, including lower inflation, stronger reserves, improved confidence in the cedi and progress in debt restructuring.

The Fund also emphasised the need for urgent reforms in the energy sector, particularly at the Electricity Company of Ghana, and called for action to address distribution and collection losses and to finalise private sector participation in the distribution business.

Ghana entered the 36-month IMF Extended Credit Facility arrangement in May 2023 with access to about 3 billion dollars in support.