IMF staff reaches staff-level agreement with Ghana on first review of PCI programme

The International Monetary Fund (IMF) has reached a staff-level agreement with Ghana on the first review of the country's 36-month programme supported by its Policy Coordination Instrument (PCI). The agreement, reached during a visit to Accra from October 22 to November 4, 2026, is subject to approval by IMF Management and the Executive Board.

The IMF's staff team, led by Ruben Atoyan, noted that Ghana's macroeconomic stability is becoming entrenched, with real GDP growing by 6.2 percent year-on-year in the first half of 2026 and projected to grow by 5.7 percent for the full year. The fiscal position is strong, with the primary surplus on track to meet the end-year programme target, and public debt remains low following rapid declines in recent years.

The IMF also highlighted that performance under the PCI has been broadly satisfactory, with most quantitative targets met. However, the recent decline in foreign exchange reserves has prompted corrective measures, including the transfer of foreign exchange intermediation from the Bank of Ghana to GoldBod and the implementation of a higher gold sale requirement for large-scale mining companies.

The IMF stressed the need to complete outstanding reforms on schedule, particularly the delayed publication of the audit of the Electricity Company of Ghana’s (ECG) collection accounts. The 2027 Budget is projected to create fiscal space to support investment in priorities under the government’s New Economy agenda, including job creation, investment opportunities, and efforts to address the country’s infrastructure deficit.

Brief written by urgent.news from Adom Online's own syndicated text. Machine-written — may contain errors; check the original before relying on it.