The IMF board has approved Ghana’s request for a bailout programme to help stabilize the country’s economy.
The governing board of the International Monitory Fund (IMF) has approved Ghana’s application for a financial bailout to help salvage its economy.
The oil rich West African country is expected to receive 918 million dollars spread over three years.
Per the agreement, 300 million dollars will be released to Ghana every year until the expiration of the agreement.
“The Executive Board of the International Monetary Fund (IMF) today approved a three-year arrangement under the Extended Credit Facility (ECF) for Ghana in an amount equivalent to SDR 664.20 million (180 percent of quota or about US$918 million) in support of the authorities’ medium-term economic reform programme,” the IMF disclosed in a statement Friday.
The first tranche of about 100 million dollars is expected to hit the Central Bank's accounts in the coming days.
“The programme aims to restore debt sustainability and macroeconomic stability to foster a return to high growth and job creation, while protecting social spending. The Executive Board’s decision will enable an immediate disbursement of SDR 83.025 million (about US$114.8 million),” the statement added.