An agreement worth $3 billion for the next three years has been confirmed by the International Monetary Fund (IMF) and the government of Ghana.
The administration approached the Fund for an extended loan facility on Friday, July 1, beginning a five-month period of discussions.
The deal was acknowledged by the IMF in a statement released on Tuesday, December 13.
“I am pleased to announce that the IMF team reached staff-level agreement with the Ghanaian authorities on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion or about US$3 billion,” IMF’s Mission Chief for Ghana Stéphane Roudet stated.
“The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth.”
He emphasised that the staff-level agreement is dependent on receiving the required finance assurances from Ghana’s partners and creditors as well as IMF Management and Executive Board approval.
According to reports, the government has committed to a comprehensive economic reform agenda that expands on its Post-Covid-19 Program for Economic Growth (PC-PEG) and addresses the serious issues the nation is currently experiencing.
