# IMF reaches staff-level agreement on Ghana PCI review

> Developing situation record from CLSTR: https://clstr.news/situations/imf-review-of-ghana-economic-policy
> Updated: 2026-11-05T10:25:41.000Z. Sources: 6. Developments: 3.

The International Monetary Fund (IMF) mission, led by Dr. Ruben Atoyan, has concluded its first review under Ghana’s 36 month Policy Coordination Instrument (PCI). Following assessments of the 2027 Budget, fiscal performance, and the downstream petroleum sector, the IMF reported that Ghana’s performance has been “broadly satisfactory,” with most quantitative targets met.

Economic data indicates real GDP grew by 6.2 per cent year-on-year in the first half of 2026, with a full-year growth projection of 5.7 per cent. Inflation was recorded at 5.5 per cent in October, remaining within the Bank of Ghana’s target range. The IMF noted a strong fiscal position, characterized by an on-track primary surplus of 0.5 per cent of GDP and a rapid decline in public debt.

However, the IMF highlighted vulnerabilities regarding a recent decline in foreign exchange reserves and fluctuations in gold, cocoa, and crude oil prices. To mitigate these risks, authorities have implemented corrective measures, including transferring foreign exchange intermediation responsibilities from the Bank of Ghana to GoldBod and requiring large-scale mining companies to increase gold sales. The IMF emphasized that rebuilding reserves will necessitate greater exchange rate flexibility and the steadfast implementation of these measures, alongside rigorous expenditure controls to ensure debt sustainability.

## Timeline

### 2026-11-05: Ghana reaches staff-level agreement with IMF on economic review

Ghana and the IMF have reached a staff-level agreement on the first review of its 36-month PCI programme, noting strong GDP growth and inflation control despite risks from commodity price volatility.

6 sources. https://clstr.news/cluster/imf-reaches-staff-level-agreement-with-ghana-on-pci-programme-review

### 2026-11-02: IMF mission reviews Ghana economic targets and fuel affordability

The IMF is concluding its first Policy Coordination Instrument review in Ghana, focusing on macroeconomic targets, fiscal performance, and fuel affordability in the petroleum sector.

3 sources. https://clstr.news/cluster/imf-mission-reviews-ghana-economic-targets-and-fuel-affordability

### 2026-10-19: IMF mission arrives in Ghana for first Policy Coordination Instrument review

An IMF mission led by Dr Ruben Atoyan is conducting a two-week review in Ghana to assess fiscal performance, the 2027 Budget, and energy sector debts under the new Policy Coordination Instrument.

2 sources. https://clstr.news/cluster/imf-mission-arrives-in-ghana-for-first-policy-coordination-instrument-review

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Cite as: IMF reaches staff-level agreement on Ghana PCI review. CLSTR, https://clstr.news/situations/imf-review-of-ghana-economic-policy