The Member of Parliament for Ofoase Ayirebi, Kojo Oppong Nkrumah, says Ghana has not fully exited the International Monetary Fund (IMF), describing the government’s current arrangement as a new three-year non-financing deal.

The former Information Minister, speaking on Nhyira FM’s 'Krom Yi Mu Nsem,' hailed the completion of the $3 billion Extended Credit Facility (ECF) programme as a significant milestone.

However, he argued that the Policy Coordination Instrument (PCI) means Ghana remains under IMF oversight.

"Nobody will say Ghana’s exit from the IMF bailout is not welcome news. But the economy has not yet stabilized, and for that reason, the IMF asked the government to sign a new three-year, non-financing deal, the PCI," he told the host Barima Kofi Dawson Akokoa.

He contended that the programme denies Ghana full control of its financial system and policies, and stressed that the IMF will continue overseeing economic management without seeking a bailout.

"So the government needs to let Ghanaians know the truth: it has signed another three-year deal with the IMF, and as a result, Ghana is not fully free in its economic decision-making."

Kojo Oppong Nkrumah explained that the Policy Coordination Instrument (PCI) is different from the routine technical support provided under the IMF’s Article IV consultations, which all member countries undergo.

"This is not an Article IV consultation. Under Article IV, the IMF is mandated to visit all member countries annually to review their economic data and provide advice, so signing a PCI is not required. And the government needs to establish that fact and move forward," said the MP.

He said the development undermines the government’s narrative of a stabilized economy and easing cost of living, arguing that no country with a sound economy would enter into a PCI agreement.

"This is clear evidence that the IMF disputes the government’s claim that the economy has been stabilized," he said.

The IMF confirmed in a May 15, 2026, statement that its staff had completed Ghana’s 2026 Article IV consultation and reached a staff-level agreement on the sixth and final review of the ECF, alongside a request for a 36-month non-financing PCI.

The PCI would focus on sustaining fiscal discipline, safeguarding debt sustainability, and reinforcing financial sector stability.