IMF and Ghana reach staff-level deal on $3 billion loan programme review
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(Reuters)
Ghana’s flag is seen while a paraglider is traversing the Nkawkaw town skies in Kwahu-Atibie, Ghana April 15, 2022. (PHOTO: REUTERS/Francis Kokoroko)
The International Monetary Fund (IMF) and Ghanaian authorities have reached an agreement on a third review of the West African country’s US$3-billion loan programme, the IMF said in a statement on Friday.
The West African gold and cocoa producer is nearing completion of a debt restructuring process under the G20’s Common Framework initiative after it defaulted on most of its US$30-billion international debt in 2022.
A fly rests on sun-dried cocoa beans at a warehouse in Kwabeng in the Eastern Region, Ghana, February 28, 2024. (PHOTO: REUTERS/Francis Kokoroko)
“Performance under the IMF-supported programme has been generally satisfactory,” the fund said in a statement.
On completion of the fund’s executive board review at a yet-to-be scheduled date, Ghana will have access to US$360 million in financing, the IMF said.
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