An International Monetary Fund (IMF) mission has begun a two-week visit to Ghana, with talks expected to cover the country’s fiscal performance, revenue mobilisation, monetary policy and preparations for the 2027 Budget. Discussions are due to start on Thursday, October 22, 2026, and will assess Ghana’s economic performance during the first nine months of the year. The mission will also consider the policies needed to sustain the recent gains made by the economy. A key part of the review will be Ghana’s debt position and the management of government spending for the remainder of 2026. Officials are also expected to discuss expenditure plans for 2027, including proposed investments in infrastructure. Revenue mobilisation is likely to be a central issue as the government seeks to improve public finances while preserving macroeconomic stability. On monetary policy, the IMF team is expected to examine Ghana’s inflation-targeting framework and foreign exchange arrangements. It may also assess the financial position of the Bank of Ghana, the country’s international reserves and steps being taken to protect the central bank’s independence. The initial meetings are expected to involve officials from the Ministry of Finance and the Bank of Ghana. Other important economic stakeholders are likely to take part as the mission progresses. #### Ghana’s PCI programme The mission, led by Dr Ruben Atoyan, is part of Ghana’s engagement with the IMF under the Policy Coordination Instrument (PCI). The PCI is a non-financing framework designed to help countries consolidate economic progress and continue implementing policy reforms. The IMF Executive Board completed the sixth and final review of Ghana’s Extended Credit Facility (ECF) arrangement on July 27, 2026. It also considered Ghana’s request for a 36-month PCI. Unlike the ECF, the PCI does not provide direct financial assistance. Instead, it gives the government a structure through which it can demonstrate progress on its economic commitments, while helping to strengthen confidence among investors and development partners. Minister of Finance Dr Cassiel Ato Forson has previously described the framework as an anchor for Ghana’s next phase of reforms. He said it was intended to strengthen economic resilience and support broad-based growth. He also said the programme would help preserve the gains achieved through IMF-supported reforms, while reinforcing policy credibility and investor confidence. #### How the PCI works The instrument allows countries to maintain close policy engagement with the IMF without receiving funding through the programme. It supports the design and implementation of economic reforms and signals a commitment to sound economic policies to development partners and private investors. Its aims include strengthening macroeconomic stability, tackling underlying economic imbalances and increasing resilience to economic shocks. Although the PCI does not provide direct financing, participating countries must implement policies that meet standards comparable to those required under IMF lending arrangements. The IMF reviews performance according to a fixed timetable, typically every six months. The programme also requires approval from the IMF Executive Board, unlike a Staff-Monitored Programme, which is an informal arrangement between IMF staff and a member country.