IMF greenlights further $360 million in Ghana aid

Apr13,2024



Accra: The International Monetary Fund said on Saturday that it has approved a new tranche Help for $360 million Ghana As the country wants to get out Economic Crisis,
The latest help comes in a fraction of a second Review To help Ghana shore up its public finances and better manage its heavy debt load, Accra was approved by the IMF for a $3 billion aid package in May last year.
“IMF staff and Ghanaian officials reached a staff-level agreement on the second review of Ghana's economic program under the Extended Credit Facility,” said Stephane Roudet, IMF mission chief for Ghana, referring to an assistance program for political services and economic reforms. have arrived.”
The latest package means the total IMF financial assistance released under the agreement through May 2023 is about $1.5 billion, the IMF said.
In 2022, Ghana faced its worst economic crisis in decades, with inflation exceeding 50 percent, forcing Ghana – a major gold, oil and cocoa producer – to borrow and restructure its debts. .
The country, along with other African states, has been badly hit by the coronavirus pandemic as well as the economic fallout caused by the Russia-Ukraine war.
According to the IMF, the assistance provided to Ghana has already been successful in enabling Accra to institute reforms aimed at restoring macroeconomic stability and debt sustainability while laying the groundwork for stronger and more inclusive growth .
Last year, Ghana successfully restructured its domestic debt.



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