The Director of Communications of the New Patriotic Party (NPP), Richard Ahiagbah, has questioned Ghana’s claim of exiting the International Monetary Fund (IMF) programme, arguing that the country remains effectively within the Fund’s policy framework despite the conclusion of the Extended Credit Facility arrangement.
Speaking on The Big Issue on Saturday, May 16, Mr Ahiagbah said the introduction of the Policy Coordination Instrument (PCI) still places Ghana under IMF oversight, even after the formal end of the bailout programme.
In his view, the PCI remains an IMF supervisory mechanism that continues to influence the country’s policy direction, suggesting that Ghana’s engagement with the Fund has not fully ended as presented by government.
He further questioned whether the arrangement was entirely voluntary, arguing that it appears more like an externally driven oversight framework rather than a self-initiated policy choice by the state.
“I don’t think we are out of the IMF programme yet because the PCI instrument is an IMF instrument,” he said.
His comments come after government announced the successful completion of Ghana’s Extended Credit Facility programme with the IMF, marking a transition to a non-financing Policy Coordination Instrument framework.
In a statement issued by Presidential Spokesperson and Minister for Government Communications, Felix Kwakye Ofosu, the government said the programme’s conclusion reflects the restoration of macroeconomic stability and progress towards debt sustainability ahead of schedule.
According to the statement, the turnaround followed a series of aggressive fiscal and structural reforms implemented after setbacks experienced at the end of 2024.
Government further announced that Ghana would now engage the IMF through a Policy Coordination Instrument, a non-financing arrangement intended to provide technical support, policy coordination and market confidence without direct financial disbursement.
The PCI framework is expected to allow Ghana to maintain policy credibility with international investors and financial institutions while pursuing post-bailout economic recovery efforts.
