Economist and financial analyst, Senyo Hosi, has said Ghana’s new Policy Coordination Instrument (PCI) agreement with the International Monetary Fund (IMF) is aimed at strengthening policy credibility and investor confidence, and not to control the country’s economy.
According to him, the PCI arrangement reflects a deliberate policy choice by government and demonstrates lessons learned from past economic challenges under IMF-supported programmes.
His comments follow government’s announcement on May 15, 2026, that Ghana’s three-year Extended Credit Facility (ECF) programme with the IMF had concluded.
Under the programme, the IMF provided Ghana with a US$3 billion financial bailout, disbursed in tranches over the three-year period to support economic recovery and stabilisation efforts.
Although the ECF programme has ended, government has entered a new 36-month PCI agreement with the IMF, a non-financial arrangement designed to provide technical support and policy coordination for macroeconomic stability.
Speaking on The Big Issue on Channel One TV on Saturday, May 16, 2026, Mr Hosi praised the decision to maintain structured engagement with the IMF through the PCI framework.
“This PCI for me is the most brilliant thing that any of our governments under the Fourth Republic has done,” he said.
“I give Ato Forson and President Mahama a lot of credit. They seem to have learnt from the past mistakes quite well. As a country too, they seem to have learnt well from the mistakes and perfected the lessons of the previous government,” he added.
Mr Hosi said Ghana’s willingness to subject itself to external policy monitoring reflected maturity in economic management.
“It is great for us to admit our limitations and then get policy interventions that shape that,” he stated.
“We all get excited at some point, and then we later start bashing the IMF only to realise that we shot ourselves in the foot,” he added.
Explaining the purpose of the PCI arrangement, he stressed that it is not designed to hand over control of the economy to the IMF.
“The PCI is something we ourselves subjected ourselves to in the credit rating mechanism. It is a policy validation and credibility intervention. It is not one that is meant to control us,” he said.
“It is only us telling the IMF that these are my policy documents and these are the ways I am using to achieve those. The IMF here only reports to the investors and the entire market,” he added.
