Government has explained that the decision to transition to the Non-bailout Technical Assistance Policy Coordination Instrument (PCI) under an International Monetary Fund (IMF) is to complement government’s effort to achieve Investment Grade rating.

Ghana today, May 15, successfully completed its Extended Credit Facility (ECF) financial bailout programme with the IMF.

A statement released by the Presidency explained that the PCI will help achieve Investment Grade rating to significantly lower sovereign and private sector borrowing costs.

In addition, government said the PCI will help attract long-term institutional investors, increase foreign direct investment, and unlock cheaper financing for critical infrastructure development and private sector growth.

“Ultimately, this engagement will support government’s effort to accelerate sustainable development, create jobs and raise living standards for all Ghanaians”, the statement said.

It added that President John Mahama and his administration remain fully committed to good governance, prudent economic management, fiscal discipline, and creating an attractive environment for both domestic and international investment.