The International Monetary Fund (IMF) executive board has approved a three billion U.S. dollar Extended Credit Facility for Ghana to help the address its current economic crisis.
In a statement, the IMF said the decision would enable an immediate disbursement of about 600 million dollars to Ghana.
It added that the facility would support “a comprehensive reform programme” by the Ghanaian government to tackle the deep economic crisis brought on by a combination of large external shocks and preexisting fiscal and debt weaknesses.
The statement said the Ghanaian government’s reform programme would focus on restoring macroeconomic stability and debt sustainability while implementing wide-ranging reforms to build resilience and lay the foundation for more robust and inclusive growth.
Facing soaring inflation and currency depreciation, the Ghanaian government began negotiations with the IMF in July 2022 for a bailout package.