Ghana likely to sign up to IMF Policy Coordination Instrument after ECF Programme ends in 2026

Ghana is likely to adopt a Policy Coordination Instrument (PCI) after completing its current Extended Credit Facility (ECF) programme in August 2026. Sources say the consideration has been influenced by concerns among investors and development partners about Ghana's ability to sustain fiscal discipline after exiting the current IMF-supported programme. Government views the potential arrangement more as a signal of assurance to investors and a way to reinforce confidence in its post-ECF policy framework.

The Policy Coordination Instrument (PCI) is a non-financing IMF arrangement available to all member countries. It allows for closer policy engagement with the IMF and provides endorsement of a country's reform programme. The PCI can run for a minimum of six months and up to four years, with no limit on successor arrangements. Sources close to the IMF in Washington DC have confirmed that the decision to pursue a PCI rests with the Government of Ghana. One senior official said the Fund would welcome a formal request from Ghana but stressed that it is not in a position to push countries into adopting the instrument.

There are strong indications that an announcement on Ghana's possible adoption of the PCI could be made in the coming weeks or during the Mid-Year Review of the 2026 Budget. IMF staff are currently in Ghana for the sixth review of the ongoing programme and the mission is expected to conclude its work by Friday, May 15, 2026.