The International Monetary Fund's executive board on Wednesday approved a $3 billion, three-year loan program for Ghana, allowing for an immediate disbursement of about $600 million and a potential path out of the West African country's worst economic crisis in a generation.
The IMF said in a statement that securing timely debt restructuring agreements with external creditors would be essential to successfully implement the Extended Credit Facility loan aimed at helping Ghana overcome immediate policy and financing challenges.
"Congratulations to Ghana for a strong program of reforms to revitalize growth and reduce the country's debt burden," IMF Managing Director Kristalina Georgieva said in a video posted to Twitter.Georgieva said the commitment by official bilateral creditors to help make Ghana's debt sustainable signals important progress for the long-stalled G20 common framework for developing country debt relief.
Ghana faces a debt overhaul after its already strained finances buckled under economic fallout from COVID-19 and Russia's invasion of Ukraine.
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IMF approves Ghana $3 bln loan, with immediate $600 mln trancheThe International Monetary Fund's executive board approved a $3 billion, three-year extended credit for Ghana, allowing for an immediate disbursement of about $600 million, the IMF said on Wednesday.
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