The International Monetary Fund (IMF) has confirmed a three-year, $3 billion loan agreement with the government of Ghana.
This comes after five months of talks after the government contacted the Fund on July 1 for an extended loan facility.
The agreement was verified by the IMF in a statement issued on Tuesday, December 13.
“I am pleased to announce that the IMF team reached staff-level agreement with the Ghanaian authorities on a three-year program supported by an arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion or about US$3 billion,”
Stéphane Roudet, the IMF’s Mission Chief in Ghana, remarked.
“The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth.”
He stated that the staff-level agreement is subject to IMF Management and Executive Board approval, as well as Ghana’s partners and creditors providing the requisite financing assurances.
Meanwhile, the administration is claimed to have agreed to a broad economic reform agenda that builds on the government’s Post-Covid-19 Program for Economic Growth (PC-PEG) and addresses the country’s profound difficulties.