Shift to IMF PCI reflects challenges in implementing reforms – Amin Adam
Former Finance Minister and Member of Parliament for Karaga, Dr. Mohammed Amin Adam, has argued that Ghana’s decision to transition from its International Monetary Fund (IMF) programme to a Policy Coordination Instrument (PCI) was driven by shortcomings in the implementation of key structural reforms.
Speaking in Parliament on Tuesday, June 2, 2026, during deliberations on Ghana’s exit from the IMF programme, Dr. Amin Adam maintained that the PCI framework is primarily focused on reform implementation rather than financial support, suggesting that the move was influenced by concerns raised by the IMF.
“The reason this government opted for the PCI is that the PCI is more about reforms, and that is why they are not going to give you money,” he stated.
The former Finance Minister questioned the government’s decision to accept IMF-monitored policy conditions without securing additional funding under the new arrangement.
“I am surprised that this government will accept conditionalities without any money coming from the IMF,” he remarked.
Dr. Amin Adam further contended that the country failed to meet some of the structural benchmarks required under the IMF-supported programme.
“One of the targets you were supposed to meet in respect of the structural benchmarks you failed,” he said.
Drawing comparisons with other African countries, he argued that Ghana’s performance in implementing reforms had declined over time.
“We brought implementation to about 70 per cent, comparable to our peers—Kenya at 71 per cent and Zambia at 72 per cent. By the time you exited the IMF programme, implementation had fallen to 55 per cent,” he stated.
According to him, concerns over the pace of structural reforms were a major factor behind Ghana’s transition to the PCI arrangement.
“That is the reason the IMF forced you to accept the PCI because you didn’t implement the structural reforms,” he asserted.
Dr. Amin Adam urged the government to prioritise the fulfilment of its reform commitments under the new framework rather than presenting the transition to the PCI as a significant policy achievement.
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