ACCRA, Jan 21 (Xinhua): Ghana has secured 600 million US dollars in funding from the International Monetary Fund (IMF) as part of a 3-billion-dollar bailout program, the government announced late Friday.
The IMF's decision came after Ghana clinched a deal with its official creditors a week earlier to restructure parts of its external debts, a critical requirement to unlock the second tranche of IMF funding. "Ghana's performance under the program has been strong. All the quantitative performance criteria for the first review and almost all indicative targets and structural benchmarks are on track," the IMF said in a statement.
"The 600 million dollars gives us additional fiscal space to support budget implementation in line with the program's requirements. We will continue to strengthen expenditure controls and improve revenue generation to improve our creditworthiness by 2026," said Ghanaian Finance Minister Ken Ofori-Attah. Ghana, once ranked as one of the fastest-growing economies in Africa, has been plagued by severe economic crises in recent years marked by rising inflation, exchange rate fluctuation, and soaring cost of living.
IMF approves $600 million funding to support Ghana’s economic recovery
FE Team | Published: January 22, 2024 00:39:15
IMF approves $600 million funding to support Ghana’s economic recovery
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