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According to the finance minister, the planned three-year loan is anticipated to receive IMF board approval early 2023.
A $3 billion loan from the International Monetary Fund (IMF) was approved for Ghana in order to reduce its debt, reestablish financial stability, and assist those who are at risk from rising costs and other economic difficulties.
Since the beginning of the year, rising inflation and debt have caused a rapid decline in the value of the Ghanaian cedi.
IMF representatives examined policy and reform proposals with authorities this month in Accra.
At a news conference on Tuesday, finance minister Ken Ofori-Atta said Ghana was “committed to the programme and will work towards meeting the demands”. He said the agreement will help restore economic stability, tackle price spikes and strengthen the currency.
“We pray that this will be the last [support needed]. That is why the programme will be that strong,” he said.
Stephane Roudet, IMF’s mission chief to Ghana, said in a statement on Monday: “The Ghanaian authorities have committed to a wide-ranging economic reform programme, which builds on the government’s Post-COVID-19 Programme for Economic Growth (PC-PEG) and tackles the deep challenges facing the country.”
NKONKONSA.com
