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The International Monetary Fund (IMF) building in Washington, DC, the United States. (File photo: CFP)

IMF approves 600 million USD funding to support Ghana’s economic recovery

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The Ghanaian government announced that it has successfully secured 600 million U.S dollars in funding from the International Monetary Fund (IMF) as part of a 3 billion U.S. dollars bailout program.

This positive development follows Ghana’s recent agreement with its official creditors to restructure external debts, a crucial step to unlock the second tranche of IMF funding.

The IMF stated in a release, “Ghana’s performance under the program has been strong. All the quantitative performance criteria for the first review and almost all indicative targets and structural benchmarks are on track.”

Finance Minister Ken Ofori-Attah expressed gratitude for the additional fiscal space provided by the 600 million U.S. dollars, emphasizing its role in supporting budget implementation aligned with the program’s requirements.

Ofori-Attah outlined the government’s commitment to strengthening expenditure controls and enhancing revenue generation, with the aim of improving creditworthiness by 2026.

Ghana, once lauded as one of Africa’s fastest-growing economies, has recently grappled with significant economic challenges. These challenges are marked by escalating inflation, exchange rate fluctuation, and soaring cost of living.

In response, the Ghanaian government secured a 3 billion U.S. dollars loan from the IMF, approved in May of the previous year. This loan represents a strategic effort to enact a series of economic reforms. These reforms are targeted at guiding the nation’s economy towards recovery.

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