- Advertisement -
ACCRA: The International Monetary Fund on Saturday stated it had validated a contemporary tranche of aid of $360 million for Ghana because the nation seeks to exit an financial disaster.
The newest aid comes as a part of a second evaluate of the IMF‘s $three billion help bundle to Accra, which was authorized in May final yr, to assist Ghana shore up its public funds and higher handle its heavy debt load.
“IMF staff and the Ghanaian authorities have reached a staff-level agreement on the second review of Ghana’s economic programme under the Extended Credit Facility,” stated IMF mission head for Ghana Stephane Roudet, referring to an aid programme for political companies and financial reforms.
The newest bundle means complete IMF monetary help launched underneath the settlement since May 2023 is value about $1.5 billion, the IMF said.
In 2022, Ghana endured its worst financial disaster in a long time, with inflation racing previous 50 p.c which compelled Ghana — a serious gold, oil and cocoa producer — to take out a mortgage and likewise restructure its money owed.
The nation has, together with different African states, additionally been exhausting hit by financial fallout from the coronavirus pandemic in addition to the Russia-Ukraine conflict.
According to the IMF, the aid offered to Ghana has already borne fruit in enabling Accra to set in practice reforms aimed toward restoring macroeconomic stability and debt sustainability whereas laying the groundwork for stronger and extra inclusive development.
Last yr Ghana efficiently carried out a restructuring of its home debt.
The newest aid comes as a part of a second evaluate of the IMF‘s $three billion help bundle to Accra, which was authorized in May final yr, to assist Ghana shore up its public funds and higher handle its heavy debt load.
“IMF staff and the Ghanaian authorities have reached a staff-level agreement on the second review of Ghana’s economic programme under the Extended Credit Facility,” stated IMF mission head for Ghana Stephane Roudet, referring to an aid programme for political companies and financial reforms.
The newest bundle means complete IMF monetary help launched underneath the settlement since May 2023 is value about $1.5 billion, the IMF said.
In 2022, Ghana endured its worst financial disaster in a long time, with inflation racing previous 50 p.c which compelled Ghana — a serious gold, oil and cocoa producer — to take out a mortgage and likewise restructure its money owed.
The nation has, together with different African states, additionally been exhausting hit by financial fallout from the coronavirus pandemic in addition to the Russia-Ukraine conflict.
According to the IMF, the aid offered to Ghana has already borne fruit in enabling Accra to set in practice reforms aimed toward restoring macroeconomic stability and debt sustainability whereas laying the groundwork for stronger and extra inclusive development.
Last yr Ghana efficiently carried out a restructuring of its home debt.
- Advertisement -