IMF Loan Approved IMF Board Approves Ghana’s Bailout Program

The IMF board has approved Ghana’s request for a bailout programme to help stabilize the country’s economy.

  • Published: , Refreshed:
play IMF loan approved
24/7 Live - Subscribe to the Pulse Newsletter!

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.

Recommended Articles

Recommended Videos





Top Articles

1 Corrupt Officers Customs officials dismissed for alleged corruptionbullet
2 Crime Car stealing syndicate arrested in Tarkwabullet
3 Vigilantism State had a weak case against Delta 8 - Ace Ankomahbullet
4 Mahamudu Bawumia Vice President's convoy involved in an accidentbullet
5 Secret Recording Immigration boss hot over Aisha Huang's leaked tapebullet
6 Galamsey Large quantity of sodium cyanide uncovered in Kumasibullet
7 Funeral Rites Late Christopher Opoku to be laid to rest July 15bullet
8 Investigation Finance Minister requests for more time to...bullet
9 Mining in Ghana Otumfuo throws weight behind galamsey...bullet
10 Hospital Management Korle-bu hospital senior staff...bullet

Top Videos

1 Meet "The Beast" President Obama's Cadillac that's more tank than carbullet
2 Video Edward Gyampana is the teenage design genius who needs your helpbullet
3 AMERI Power Plant AMERI lacks expertise in power projects – Philip...bullet
4 TRAGEDY Fire guts Coconut Grove Hotelbullet
5 Night Life Some taxi drivers and their night driving experiencesbullet
6 Watch Stop taking collection in churches -TB Joshua to Pastorsbullet
7 Vitiligo Enam Honya - is challenging what you think about beautybullet
8 In Zimbabwe President Mugabe’s 70 year-old aide marries...bullet
9 Ghana@60 Agya Koo embarrassed Ghana at Independence Day...bullet
10 Kwame Nkrumah Interchange Water leaks from hole in...bullet

News