IMF staff, Ghana agree first review of $3 bln programme

The International Monetary Fund and Ghana’s government have reached a staff-level agreement on the first review of a $3 billion loan programme, paving the way for a disbursement of $600 million once the IMF’s executive board approves it.
“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.
The West African country asked the IMF for financial support last year as it grappled with its worst economic crisis in a generation brought on by spiralling public debt.
The three-year extended credit facility is contingent on domestic and external debt restructuring, spending cuts and other fiscal adjustments. Ghana received a first $600 million tranche of the loan in May.