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Ghana has reached an agreement with the International Monetary Fund (IMF) for a second payment of US$600 million out of its total sanctioned credit of US$ 3 billion.
Ghana has reached an agreement with the International Monetary Fund (IMF) for a second payment of US$600 million out of its total sanctioned credit of US$ 3 billion.
Disclosing this in a statement, the IMF said that the payment of the second portion of Ghana’s loan will come after the IMF board’s final approval. With this, the total disbursed amount since May would reach US $1.2 billion. Ghana signed a deal with the IMF in December. The country sought to shore up its public finances and better manage debt to emerge from its worst economic crisis in decades. Ghana will have access to about US$600 million in financing once the mission’s review is approved by the board.
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The country’s economic situation will be a major election campaign theme as it heads to elections next year with President Nana Akufo-Addo stepping down after two terms. Several hundred opposition protesters rallied in Ghana’s capital Accra earlier this week to denounce the economic crisis, blaming it on the central bank governor’s policies as reported earlier by www.trendsnafrica.com. Ghana is a major cocoa and gold producer. It also has oil and gas reserves. However, the steadily increasing debt burden has dampened its growth prospects as the West African country is struggling with the economic fallout from the COVID-19 pandemic and the Russia-Ukraine war.
