Ghana’s agreement with the International Monetary Fund (IMF) will be extended to December 2018 to enable the country meet the targets set in the programme. The extension will allow Ghana to meet all targets and deadlines set in the deal with the IMF. The initial deadline for the program was March 2018.
Ghana under the Mahama led administration in 2015 signed onto a 918 million dollar extended credit facility programme with the IMF. The programme is aimed at restoring debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation, while protecting social spending.
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Report according to JoyNews reveals that, the government of Ghana in May has communicated an extension of the deal to the IMF.
The extension is critical to the IMF board meeting to be held in July about the deal between Ghana and the Fund.
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The Akufo-Addo administration after assuming office played down a possible extension of the programme. They believed their next line of action will be determined by the routine review by the Fund.
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International Monetary Fund is a program under the United Nations that gives assistant to member states having economic challenges and advises them on how to maintain a fiscal disciplined economy.