Ghana will receive US$600 from the IMF in order to revive its economy. The government of Ghana announced late Friday that as part of a $3 billion bailout program, the International Monetary Fund (IMF) has granted 600 million US dollars in funding.
The IMF made its decision after Ghana reached an agreement to restructure a portion of its foreign obligations with its official creditors one week prior, which was a necessary condition to be eligible for the second tranche of IMF assistance.
Ghana has performed admirably under the program. The IMF noted in a statement that “nearly all indicative targets, structural benchmarks, and all of the quantitative performance criteria for the first review are on track.”
We now have more financial room to enable budget implementation in accordance with program criteria thanks to the 600 million dollars. The finance minister of Ghana, Ken Ofori-Attah, stated, “We will continue to strengthen expenditure controls and improve revenue generation to improve our creditworthiness by 2026.”
Once considered to have one of Africa’s fastest-growing economies, Ghana has had significant economic difficulties in recent years, characterized by rising inflation, volatile exchange rates, and skyrocketing living expenses.
In May of last year, the Ghanaian government received clearance from the IMF for a $3 billion loan, with the goal of implementing a series of economic reforms that would help the country’s economy recover.
Ghana will receive US$600 from the IMF in order to revive its economy