No Full IMF Exit Yet, Says Oppong Nkrumah as He Cites New PCI Deal

Member of Parliament for Ofoase Ayirebi, Hon. Kojo Oppong Nkrumah, has challenged government claims that Ghana has fully exited the International Monetary Fund, arguing that a new agreement signed in April 2026 keeps the country under IMF supervision.

Contributing to debate on the Finance Minister’s statement on Ghana’s new engagement with the IMF, Oppong Nkrumah told Parliament that the April 2026 Staff Level Agreement establishes a two-year Programme Monitoring with Board Involvement, or PCI.

“There is no gainsaying that this is not a full exit,” he said. “When you are under PCI, the IMF maintains oversight of your fiscal and monetary policy, and you must meet specific structural benchmarks.”

The MP said key benchmarks under the PCI include meeting net international reserves targets, achieving zero central bank financing of government, and raising tax-to-GDP levels. He cited Ghana’s current tax-to-GDP ratio at about 13.8 percent and questioned how government plans to lift it to 18 percent by 2027.

Oppong Nkrumah noted that Parliament has already passed eight new tax bills in the past year, yet revenue underperformance remains a challenge. “If the strategy is more taxes, we need to ask what the impact on businesses and households will be,” he said.

On jobs and cost of living, the MP pushed back against what he called a narrow focus on macroeconomic stability. He referenced Ghana Statistical Service data showing national unemployment at 14.7 percent, with 7 in 10 unemployed Ghanaians under the age of 35. Youth unemployment in Greater Accra, he added, stands at 49.3 percent.

“Stability must translate into jobs and lower living costs,” Oppong Nkrumah said. “If young people cannot find work and prices keep rising, then stability means nothing to the average Ghanaian.”

He also flagged arrears in the energy sector, stating that debts to Independent Power Producers have crossed $2.5 billion. He warned that the PCI requires government to clear those arrears and stop accumulating new ones, which could affect electricity supply if not managed.

The Ofoase Ayirebi MP urged government to be transparent about the obligations under the new IMF arrangement and to outline clear measures for job creation and relief for households.