Bank of Ghana Governor Dr Johnson Asiama has assured that Ghana will sustain the policy discipline achieved under the International Monetary Fund’s Extended Credit Facility (ECF) as the country enters a new phase of engagement with the Fund.
Dr Asiama said the Bank of Ghana and fiscal authorities must continue to exercise prudence in managing monetary and fiscal policies to maintain investor confidence and build on the progress achieved under the ECF programme.
Commenting on the transition, Dr Asiama said the PCI would provide an important signal to financial markets, which are expected to closely assess the credibility and consistency of Ghana’s economic policies.
“This is a policy signalling instrument, and the markets will watch the behaviour of monetary and fiscal policy for credibility. We need to show the same discipline in conducting monetary policy as we did with the ECF.”
Ghana’s 39-month Extended Credit Facility (ECF) programme officially concluded in July 2026 after the IMF Executive Board completed its sixth and final review.
Ghana has now transitioned to a 36-month, non-financing Policy Coordination Instrument (PCI), which is intended to support the government’s reform programme and help maintain macroeconomic stability.
The Governor further described the first review under the new framework as a significant test of Ghana’s commitment to sustaining its economic reform programme.
“The first PCI review in October approaches with its attendant accountability demands.”
According to the IMF’s published timetable, Ghana’s first PCI test date is set for September 30, 2026, with the review expected to be considered by the IMF Executive Board in January 2027.
The IMF said the ECF-supported programme contributed to Ghana’s efforts to restore macroeconomic stability, improve debt sustainability, rebuild international reserves and strengthen confidence in the economy.
The Fund, however, emphasised that maintaining these gains will depend on Ghana’s continued implementation of the reforms outlined under the PCI.
The PCI focuses on six key areas: growth-oriented fiscal consolidation, debt sustainability, fiscal transparency and governance, monetary and exchange-rate policies, financial-sector stability, and economic diversification and inclusive growth.
Dr Asiama said maintaining policy discipline will be critical as Ghana moves through the PCI programme and prepares for its first review. The focus, he noted, will be on sustaining the gains made under the ECF while continuing to implement reforms aimed at strengthening economic stability and investor confidence.
