IMF, Ghana Reach an Agreement of $3B Developmental Loan

The International Monetary Fund-IMF staff and Ghanaian Authorities reached agreement of a $3 billion loan to a new 3-year deal under the Extended Credit Facility-ECF.

The reform program aims at restoring Macroeconomic stability and debt sustainability while protecting the vulnerable, preserving Financial stability, and laying the foundation for strong and inclusive economic recovery.

FOOTAGE:The International Monetary Fund-IMF staff and Ghanaian Authorities reached agreement of a $3 billion loan to a new 3-year under the Extended Credit Facility-ECF.

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In a statement, the IMF team leader Stephane Roudet said that the IMF team reached a staff-level agreement with the Ghanaian authorities on a 3-year program supported by an arrangement under ECF.

Read Also:IMF, Kenya Reach an Agreement of Ksh.55 B Loan

“The Staff level agreement is subject to IMF management and Executive Board Approval and receipt of the necessary Financing assurances by Ghana’s Partners and creditors”, the IMF leader Stephane Roudet said.

IMF
FILE PHOTO: Representatives of Ghana’s Finance Ministry, the Central Bank and IMF address the media during a news conference in Accra, Ghana December 13, 2022. REUTERS/Cooper Inveen

“Structural reforms will be introduced to underpin the Fiscal strategy and ensure a durable consolidation. These include developing a medium-term plan to generate additional revenue and advancing reforms to bolster tax compliance”, Roudet added to his statement.

IMF
PHOTO/COURTESY: A committee of IMF during past meeting event in Washington DC, United States of America.

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