Ghana completes sixth ECF review and moves to a 36‑month non‑financing PCI (staff‑level agreement)

On May 15, 2026 IMF staff completed Ghana’s sixth review of the Extended Credit Facility and reached a staff‑level agreement to transition the country to a 36‑month Policy Coordination Instrument. The PCI is a non‑financing arrangement; formal approval by the IMF Executive Board is expected around August 2026.

Removing committed IMF disbursements shifts market reliance from Fund financing to reform credibility and market access. Eurobond refinancing risk becomes conditional on successful PCI reviews and ongoing creditor restructurings; weaker reform signals could pressure sovereign spreads and the cedi, while credible progress could support lower borrowing costs and local‑currency stability. Local yields may move as fiscal and central‑bank balance‑sheet risks evolve.

IMF Executive Board review and formal decision on the sixth ECF review and the 36‑month PCI, expected around August 2026.