The International Monetary Fund (IMF) and Ghana have reached an agreement on the third review of the country’s $3 billion loan program.
This agreement marks another step in Ghana’s efforts to stabilize its economy following a major debt crisis.
Ghana, a leading gold and cocoa producer in West Africa, defaulted on most of its $30 billion international debt in 2022.
The country is now close to completing a debt restructuring process under the G20’s Common Framework initiative.
The IMF noted that performance under its program with Ghana has been “generally satisfactory.”
This statement suggests the country has been making steady progress in meeting the program’s requirements.
Once the IMF’s executive board completes its review, Ghana will gain access to an additional $360 million in financing.
The date for the board’s review is yet to be scheduled.
This funding is expected to support the country’s economic recovery as it navigates its financial challenges.
