The International Monetary Fund is widening its first review of Ghana’s Policy Coordination Instrument to include state-owned enterprises and private-sector stakeholders, as the two-week mission enters its second week with fiscal performance, the 2027 Budget and public debt management at the top of the agenda.
The mission, led by Dr. Ruben Atoyan, the IMF’s Chief of Mission to Ghana, has already held discussions with fiscal and monetary authorities to assess the country’s economic performance and progress under the programme. The team has also engaged selected state-owned enterprises, including the Tema Oil Refinery, as the Fund examines the financial position of key public institutions and their implications for the wider economy .
What the PCI Means for Ghana
The review is the first since Ghana transitioned from its US$3 billion Extended Credit Facility to the PCI in May 2026, after completing the sixth and final review of the ECF in July . Unlike the ECF, the PCI provides no direct IMF financing. It is a non-financing instrument designed to support countries in designing and implementing policies to prevent crises, enhance macroeconomic stability, or address imbalances, while signalling reform commitment to investors and development partners .
Finance Minister Dr. Cassiel Ato Forson described the transition at the time as a move from financial bailout to policy credibility, stating that the PCI “does not provide financial bailout, but will offer continuous capacity development, confidence boost to the market, and deliver a catalytic effect for fresh financing to Ghana” .
The PCI is a 36-month arrangement. Policies under it must meet the same standard as those required under a standard IMF loan, and performance is assessed through reviews on a fixed schedule, normally every six months .
Fiscal Tightrope Over 2027 Budget
The second week of discussions will focus on Ghana’s fiscal performance and preparations for the 2027 Budget, which is expected to test the government’s commitment to its fiscal rules. Under the PCI, Ghana’s targeted primary budget surplus eases from 1.5% of GDP in 2026 to 0.5% in 2027 and thereafter, creating fiscal space for development needs and social spending .
However, amendments to Ghana’s Public Financial Management Act in 2025 set a minimum annual primary surplus of 1.5% of GDP alongside the debt target, and the amended law requires parliamentary approval before the fiscal rules can be suspended. The government has not publicly set out how it intends to reconcile the lower PCI target with the statutory requirement .
The IMF’s July programme assessment said the more flexible fiscal path could remain consistent with debt sustainability, provided Ghana strengthened domestic revenue collection, public financial and investment management, and oversight of state-owned enterprises .
TOR Briefs IMF on Debt and Recovery
The Tema Oil Refinery’s engagement with the IMF offered a window into the SOE oversight the Fund is scrutinising. TOR’s Managing Director, Edmond Kombat, told the visiting delegation that the refinery inherited a debt burden of approximately US120 million owed to the government. He said the current management, which assumed office in May 2025, has relied entirely on internally generated funds to sustain operations and rehabilitate critical facilities .
Kombat also disclosed that TOR recorded a profit in the previous year and is considering a potential listing on the Ghana Stock Exchange to attract investment and raise capital . The refinery has processed approximately five million barrels of crude oil, including about two million barrels sourced from Ghanaian oil fields .
Energy-sector liabilities remain a concern for the IMF because obligations accumulated by state-owned enterprises can create additional fiscal pressures. The Fund has called for stronger oversight of both the energy and cocoa sectors .
Central Bank and Financial Sector on the Agenda
The review will also examine the Bank of Ghana’s financial position, recapitalisation plans, banking supervision and wider financial-sector regulation. Under a memorandum of understanding signed in July, operational responsibility for the central bank’s Domestic Gold Purchase Programme was transferred to GoldBod, with the government and GoldBod assuming the programme’s operating costs. The transfer was intended to reduce quasi-fiscal risks on the Bank of Ghana’s balance sheet, after the programme generated losses of GH¢22 billion, equivalent to 1.5% of GDP, in 2025 .
The IMF mission does not constitute completion of the review. The first PCI review is expected to go to the IMF Executive Board in January 2027, according to the Fund’s published schedule .
