The International Monetary Fund (IMF) has confirmed a $3 billion deal with the government of Ghana to span the next three years.
This follows five months of negotiations after the government approached the Fund for an extended credit facility on Friday, July 1.
The IMF confirmed the agreement in a statement 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,” IMF’s Mission Chief for Ghana Stéphane Roudet stated.
“The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth.”
He pointed out that the staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.
Meanwhile, the government is said to have committed to a wide-ranging economic reform programme, which builds on the government’s Post-Covid-19 Program for Economic Growth (PC-PEG) and tackles the deep challenges facing the country.