Accra: Technical Advisor at the Ministry of Finance, Theo Acheampong, has announced that the government is targeting a major upgrade in Ghana's sovereign credit rating as the country transitions from the International Monetary Fund (IMF) bailout programme to a new non-financing Policy Coordination Instrument (PCI) arrangement aimed at sustaining macroeconomic stability and restoring investor confidence.
According to Ghana Web, the government believes the arrangement could improve Ghana's access to concessional financing from institutions such as the World Bank Group and the African Development Bank, while strengthening investor confidence in the country's long-term economic recovery. Speaking in an interview on Channel One TV, Acheampong said the IMF-backed framework could help Ghana move from its current 'B' sovereign credit rating to the 'BB' category, a development that could reduce borrowing costs and unlock cheaper financing opportunities for both the government and the private sector.
Acheampong stated that the target is to achieve a double B rating, which could reduce Ghana's cost of capital by between 100 and 200 basis points. He explained that the PCI arrangement is not another bailout programme but rather a credibility-enhancing policy framework intended to reassure investors and international ratings agencies. The new arrangement would provide technical policy support and reinforce fiscal discipline without additional borrowing from the IMF.
He emphasized that the expected benefits would extend beyond government financing, noting that for other investors looking to raise capital, the country risk premium for Ghana would decrease. Ghana recently completed its IMF-supported US$3 billion Extended Credit Facility programme ahead of schedule and is expected to transition to the PCI framework by July 2026.
Acheampong also argued that the PCI could help Ghana avoid the election-related fiscal slippages that have historically pushed the country back to the IMF for support.