Extended Credit Facility Ghana's economic outlook remains challenging - IMF

The IMF on Thursday approved an additional $116 to Ghana under the three years extended credit facility.

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The International Monetary Fund (IMF) says the Ghanaian economy remains challenging after reviewing the country's economic performance under the three years IMF aid deal.

The IMF on Thursday approved an additional $116 to Ghana under the three years extended credit facility.

So far, a total of $465 million has been disbursed under the almost $1 billion bailout plan.

The IMF reached an agreement with Ghana on a new economic reform program that would be supported by a loan of about $940 million in February 2015.

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The reform program seeks to boost growth and help cut poverty by restoring macroeconomic stability through tighter fiscal discipline, strengthened public finances, and slowing inflation.

In a statement Friday, the Acting Chair and Deputy Managing Director of the Fund, Mr. Tao Zhang, said: “Implementation of the ECF-supported program by the Ghanaian authorities continues to be broadly satisfactory, but the economic outlook remains challenging. There has been progress in stabilizing the macroeconomic situation and reducing financial imbalances, but fiscal risks remain elevated."

The statement added that further efforts are needed to address revenue shortfalls, while expenditure control measures should be fully enforced to contain the wage bill and other current spending.

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