(3 minutes read)
Ghanian officials said that the US$3 billion International Monetary Fund (IMF) bailout approved for the West African nation will help reset the economy and ease the economic hardship on its citizens
Ghanaian officials said that the US$3 billion International Monetary Fund (IMF) bailout approved for the West African nation will help reset the economy and ease the economic hardship on its citizens.
The long-awaited bailout approved by the IMF to aid the government’s economic growth recovery plan, is a crucial first step for strong reforms, inclusive growth, and relentless pursuit of the growth agenda, said Ken Ofori-Atta, Ghana’s Finance Minister.
The bailout program signed with the IMF and to be disbursed in at least six tranches over three years will cushion the economic toll on Ghanaians who have protested the spiraling increase in the prices of goods. With the first tranche of US$600 million expected soon, Ernest Addison, Bank of Ghana governor, urged various sectors to support the government’s economic agenda.
Read Also:
https://trendsnafrica.com/ghana-join-hands-with-china-and-france-to-go-for-imf-loan/
https://trendsnafrica.com/oxfam-report-on-cocoa-farmers-in-ghana-depicts-skewed-income-patterns/
https://trendsnafrica.com/ghana-gears-to-achieve-self-sufficiency-in-vaccine/
The IMF said it will be monitoring the implementation of the economic programs anchored on three principles: restoring macroeconomic stability, ensuring sustainable growth for the macro economy, and laying the foundations for stronger and more inclusive growth. People in Accra urged the government to find solutions to deal with their most basic needs. Ghana has been reeling from an economic crisis as a result of soaring inflation, a weakened currency, and rising public debt that is gulping most of its dwindling revenue.
