IMF’s PCI to include commitments on Bank of Ghana Monetary Policy framework – Asiama

On May 15, 2026, an International Monetary Fund (IMF) staff team concluded Ghana’s Article IV Consultation alongside the sixth and final review of the country’s Extended Credit Facility (ECF) programme during meetings in Accra.

The IMF’s concluding statement highlighted, among other outcomes, a staff-level agreement on a new 36-month non-financing Policy Coordination Instrument (PCI) for Ghana.

The PCI is expected to serve as a policy framework aimed at strengthening Ghana’s reform agenda while maintaining engagement with the Fund without providing direct financial support.

According to the IMF, the arrangement preserves the signalling benefits of continued Fund oversight while allowing Ghana greater ownership of its economic reforms and reducing dependence on IMF financial assistance.

Speaking at the opening of the 130th Monetary Policy Committee (MPC) meeting in Accra on Monday, May 18, Bank of Ghana Governor Dr Johnson Asiama described the PCI as a signalling instrument built around six key policy pillars.

These include sustaining growth-friendly fiscal adjustment, safeguarding debt sustainability, strengthening fiscal transparency and governance—particularly in state-owned enterprises and quasi-fiscal activities—enhancing the monetary and exchange rate policy framework, reinforcing financial sector stability, and supporting economic diversification and inclusive growth.

Dr Asiama noted that the arrangement is particularly relevant to the Bank of Ghana, as it incorporates commitments to strengthen the central bank’s monetary policy framework, improve policy transmission mechanisms, enhance liquidity forecasting, and sustain inflation targeting policies aimed at anchoring expectations.

He added that ongoing discussions around corridor reforms are aligned with the PCI’s monetary policy framework pillar.

According to him, the new arrangement will also focus on strengthening the Bank of Ghana’s balance sheet over the medium term by limiting quasi-fiscal operations and improving transparency and oversight of the Domestic Gold Purchase Programme (DGPP).

Dr Asiama further indicated that addressing operational challenges within the DGPP and improving the broader foreign exchange intermediation framework would form part of the reform agenda under the new engagement.

He also noted that Ghana’s foreign exchange framework and reserve management strategy would continue to be assessed under the PCI arrangement as part of efforts to enhance macroeconomic stability.