Bank of Ghana Governor Dr Johnson Pandit Asiama has assured investors that Ghana will maintain the policy discipline established under the International Monetary Fund’s Extended Credit Facility (ECF) as the country transitions to a new reform framework.
Speaking at the opening of the 132nd Monetary Policy Committee meeting, Dr Asiama said both monetary and fiscal authorities must remain prudent to protect confidence in Ghana’s economic management.
The Governor warned that financial markets would closely monitor how the government and central bank implement policies under the Ghana IMF Policy Coordination Instrument (PCI).
“This is a policy signalling instrument, and the markets will watch the behaviour of monetary and fiscal policy for credibility.
“We need to show the same discipline in conducting monetary policy as we did with the ECF.” - Dr Asiama
Ghana Moves Beyond IMF Financing Programme
Ghana’s 39-month, US$3 billion ECF programme concluded in July 2026 after the IMF Executive Board completed its sixth and final review.
The country subsequently entered a 36-month, non-financing PCI designed to maintain reform momentum without providing direct IMF disbursements.
The IMF said the ECF helped Ghana reduce inflation, improve debt sustainability and strengthen macroeconomic stability, although financial-sector and fiscal vulnerabilities remain.
First PCI Assessment Approaches
Dr Asiama identified the first assessment under the PCI as an important test of Ghana’s commitment to its economic reforms.
“The first PCI review in October approaches with its attendant accountability demands,” he stated.
The framework covers six areas, including fiscal consolidation, debt sustainability, governance, monetary and exchange-rate policy, financial stability and economic diversification.
For the Governor, the transition does not remove the need for restraint. The challenge is to preserve economic gains while implementing reforms that support investment and sustainable growth.
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