IMF extends $3 billion loan to Ghana

IMF extends 3 billion loan to Ghana

It had been in negotiation for several months and was eagerly awaited by Ghana. Finally, an agreement was reached for a loan of 3 billion dollars over three years, announced the IMF. Although the International Monetary Fund has welcomed the reforms underway, other efforts will be necessary before the credits are released.

Opened in July, negotiations between the IMF and Ghana were played during three rounds and multiple online exchanges to end in record time, explains the Minister of Finance.

This agreement is therefore a relief for Ken Ofori-Atta, who expects a lot from this outside help: “ This program will help us in our efforts to restore stability, fight inflation and strengthen our currency. This is why the various components of this program must be supported by all Ghanaians and all stakeholders. The world is watching and I know we can do it “.

Measures for restructuring domestic debt were announced last week by the Ghanaian authorities. But other efforts will have to be made before this agreement is presented to the IMF’s board of directors. According to Stéphane Roudet, the IMF’s mission chief in Ghana, ” what is needed for us is to have assurances from Ghana’s partners and creditors that the financial support that will be provided to the authorities for the duration of the program period will be sufficient to finance it “.

But also “ that the program combined with the fiscal consolidation path and the comprehensive debt restructuring that the authorities have launched will be sufficient to restore economic viability “. Criteria that the Ghanaian authorities intend to meet before the end of the first quarter of 2023.

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