Ghana agrees with the IMF a loan of 3,000 million dollars

The International Monetary Fund (IMF) and Ghana have reportedly agreed to a 3-year loan package worth $3 billion.

In a written IMF statement, it said the Ghanaian government, which applied for a loan in July, and the IMF delegation reached an agreement on economic policies and a reform agreement backed by a new three-year agreement, which includes a loan of 3 billion dollars.

The government launched a comprehensive debt operation to support its goal of restoring public debt sustainability, but sufficient guarantees and progress will be needed before the proposed fund-backed program can be submitted to the IMF’s Executive Board for approval.

MADE THE DECISION TO RETURN TO THE IMF

“The authorities’ robust reform program aims to restore macroeconomic stability and debt sustainability while protecting the vulnerable and financial stability, while laying the foundation for a strong and inclusive recovery,” says the release.

Ghana exited the IMF program as part of the “Ghana Beyond Aid” campaign, which it launched 3 years ago. Due to the recent economic problems in the country, the government decided to return to the IMF.

While this decision has been criticized by activists and the public, analysts believe it will help Ghana meet the challenges. (AA)