Prime News Ghana

Ghana on course for next part of IMF bailout

By primenewsghana
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The International Monetary Fund (IMF) says it has reached a preliminary agreement with the Ghanaian authorities on the economic policies and reforms to conclude the first review of the $3bn (£2.45bn)-bailout fund the country is currently receiving.

In a statement, it said it was satisfied with Ghana’s performance with respect to the programme’s targets and reform objectives.

The agreement will now need to be approved by the IMF executive board.

"The authorities have adjusted macroeconomic policies, successfully completed their domestic debt restructuring operation and launched wide-ranging reforms. These actions are already generating positive results," said Stéphane Roudet, IMF mission chief for Ghana.

If this staff-level agreement is given the IMF management’s approval, Ghana would receive about $600m, the second instalment of the three-year bailout programme.

The first $600m was received in May.

The loan is aimed at solving the country’s economic crisis, the worst recorded in a generation, marred by soaring inflation at over 40%, a high cost-of-living crisis and huge public debt.

There have been demonstrations as people demand more help in dealing with the sharp increase in the cost of basic goods. This week, there was a protest against the central bank governor who had been accused of mismanagement.