The government is targeting a major upgrade in Ghana’s sovereign credit rating as it transitions from the IMF’s bailout programme into a new non-financing Policy Coordination Instrument (PCI) arrangement aimed at sustaining macroeconomic stability and restoring investor confidence.
Technical Advisor at the Ministry of Finance, Dr. Theo Acheampong, says the new IMF-backed framework could help Ghana move from its current “B” credit rating into the “BB” category: a development he believes would significantly reduce borrowing costs and unlock cheaper financing for both government and the private sector.
Dr. Acheampong argued that the PCI arrangement is not another bailout programme but rather a credibility-enhancing policy anchor designed to reassure investors and ratings agencies.
“The target is actually to get to a double B,” he stated, adding that achieving that rating could shave between “100 to 200 basis points” off Ghana’s cost of capital.
According to him, the benefits would extend beyond government financing.
“It’s not just for the sovereign,” Dr. Acheampong stressed. “For other investors looking to raise capital, the country risk premium for Ghana would come down.”
Ghana recently completed its IMF-supported $3 billion Extended Credit Facility programme ahead of schedule and is expected to transition into the PCI framework by July 2026.
Dr. Acheampong explained that the arrangement would provide technical policy support and fiscal discipline mechanisms without additional borrowing from the IMF.
He further argued that the PCI would help Ghana avoid the election-related fiscal slippages that have historically pushed the country back to the IMF repeatedly.
The Finance Ministry believes the framework could also improve access to concessional funding from institutions such as the World Bank Group and the African Development Bank while strengthening confidence in Ghana’s long-term economic recovery
