The International Monetary Fund (IMF) and the Ghanaian government have reached a staff-level agreement regarding the inaugural review of a $3 billion loan program, clearing the path for a $600 million disbursement once it receives approval from the IMF’s executive board.
“To ensure timely completion of the review, the country needs official creditors to quickly reach agreement on a debt treatment in line with the financing assurances they provided in May 2023,” the IMF said in a statement on Friday.
Last year, as it confronted its most severe economic crisis in a generation driven by escalating public debt, the West African nation sought financial assistance from the IMF.
The three-year extended credit facility is conditional upon domestic and external debt restructuring, expenditure reductions, and other fiscal modifications. In May, Ghana received the initial $600 million portion of the loan.
