2023-05-19 11:55:02
The International Monetary Fund (IMF) on May 17 approved a $3 billion loan for Ghana, with an immediate first disbursement of around $600 million. The program, endorsed by the Board of Directors of the Fund, is spread over 36 months, under the extended credit facility.
It aims to “restore macroeconomic stability and the viability of the this, as well as the implementation of far-reaching reforms to build resilience and lay the foundations for stronger and more inclusive growth,” commented the director general of the international institution, Kristalina Georgieva, quoted in a press release. .
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It specifies that “fiscal consolidation is a central element of the program” as well as “the preservation of the stability of the financial sector”.
Furthermore, “monetary and exchange rate policies under the program will focus on controlling inflation and rebuilding foreign exchange reserves”.
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Finally, “an ambitious program of structural reforms has been put in place to revitalize growth driven by the private sector by improving the business environment, governance and productivity,” adds Kristalina Georgieva.
Debt restructuring
The IMF had announcement on May 12 that Ghana had provided sufficient guarantees to benefit from an aid plan, welcoming the recent promise of its creditor countries, led by France and China, to open negotiations for a restructuring of its debt.
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Weakened in particular by the repercussions of the war in Ukraine, Ghana had resolved to appeal to the IMF and had concluded in December with the institution a preliminary agreement to obtain 3 billion dollars in loans spread over three years and conditional on the implementation of economic reforms.
This crisis forced President Nana Akufo-Addo to reconsider his past positions by turning to the IMF, in order to push back the specter of a payment default raised by some economists.
(with AFP)
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