Technical Advisor at the Ministry of Finance, Dr Theo Acheampong, has expressed confidence in Ghana’s proposed engagement with the International Monetary Fund (IMF) through the Policy Coordination Instrument (PCI), describing it as an important framework for sustaining reforms and strengthening economic credibility.

According to Dr Acheampong, Ghana’s long history with IMF-supported programmes, dating back to 1966, demonstrates the importance of maintaining a credible policy anchor even during periods of relative economic stability.

He explained that lessons from previous IMF arrangements, particularly the 2019 programme, showed that countries may seek IMF engagement not only for financial support but also for policy discipline, investor confidence and external credibility.

“Really, it’s learning from that history and also learning from the fact that you have been able to stabilise the economy now and you want to do a few other things that are slightly different and you still need the assistance of the Fund from a technical angle to help you implement it,” he said.

Dr Acheampong noted that the PCI arrangement is expected to support reforms in critical sectors, including state-owned enterprises and central bank operations, while also reassuring investors, credit rating agencies and the wider public about Ghana’s economic direction.

He further stated that the framework would provide government with the flexibility to pursue fiscal adjustments and increase development-related expenditure while still maintaining debt sustainability.

According to him, the PCI should not be viewed as another bailout programme because it does not involve direct financial support from the IMF.

“So what is important here is that this is not a bailout. We are not taking money. It is also not a programme. It is actually technical assistance,” he stated.

Speaking on Channel One TV on Monday, May 18, Dr Acheampong also pointed to countries such as Rwanda and Cape Verde, which he said had successfully used similar IMF arrangements alongside other support mechanisms to implement reforms in areas including state-owned enterprises and climate financing.

He maintained that Ghana’s decision to adopt the PCI framework reflects the need to balance short-term economic stabilisation with long-term development objectives as the country moves from crisis recovery towards reform consolidation.