Ghana’s new 36 month arrangement with the International Monetary Fund (IMF) carries no fresh financial disbursement and should not be read as a bailout, a senior Ministry of Finance official has clarified.
Dr. Theo Acheampong, Technical Advisor at the Ministry of Finance, made the clarification while appearing on the Newsfile programme on JoyNews. He described the Policy Coordination Instrument (PCI) as a reform focused framework built on five pillars: fiscal adjustment, strengthening state owned enterprises, improving monetary policy frameworks, promoting inclusive growth and maintaining debt sustainability.
“This is non-financing. We are not taking money from them,” Dr. Acheampong stated.
A key feature of the programme involves reducing Ghana’s primary surplus target from 1.5 percent of Gross Domestic Product (GDP) to 0.5 percent. Dr. Acheampong said government analysis confirmed this adjustment would still allow Ghana to meet its debt sustainability threshold before 2034, while unlocking roughly one billion dollars in additional fiscal room each year for priority spending and job creation.
On the energy sector, he disclosed that the private sector participation process at the Electricity Company of Ghana (ECG) remains active and continues to advance as part of the broader structural reform agenda.
Reforms involving the Bank of Ghana were also outlined. These include legislative amendments to recapitalise the central bank and restore its equity position by 2032, alongside automatic recapitalisation mechanisms designed to activate whenever minimum capital thresholds are breached.
On governance, the government is establishing a Value for Money Office and revising procurement systems to strengthen accountability in public expenditure before contracts are approved.
