Research analyst and economist at the Integrated Social Development Centre (ISODEC), Adamu Abille, has criticised the government’s decision to pursue a new International Monetary Fund (IMF) Policy Coordination Instrument (PCI) arrangement, warning that the move could undermine Ghana’s economic independence.

His comments follow the government’s assertion that the PCI arrangement is purely a technical and monitoring framework intended to help sustain fiscal discipline and prevent future economic setbacks after Ghana exits the IMF bailout programme.

Speaking in an interview on Channel One on Monday, May 18, 2026, Abille argued that Ghana’s current economic stability has been driven more by local policy interventions than by the IMF’s $3 billion Extended Credit Facility (ECF) programme.

He also dismissed claims that the PCI arrangement is intended to strengthen investor confidence and improve Ghana’s credibility with ratings agencies, insisting that such arguments only encourage further borrowing.

“When you talk about giving us policy credibility so that we have market confidence to go back and borrow, ISODEC has a serious objection to that,” he said.

Abille further suggested that gold reserve accumulation and tighter foreign exchange management have contributed more significantly to stabilising the economy.

“It is not necessarily the IMF programme that brought us here,” he stated.

He argued that Ghana’s repeated return to the IMF reflects longstanding structural challenges and an overreliance on external policy guidance.

“We are trying to outsource our policy sovereignty to Washington,” Abille warned.

He called for a development strategy centred on greater local control of key sectors of the economy, particularly the mining and gold industries.

ANAS/SEA