ACCRA, May 18 (NNN-GNA) – The International Monetary Fund (IMF) executive board, yesterday approved a three-billion-U.S. dollar Extended Credit Facility for Ghana, to help the country address its current economic crisis.
In a statement, the IMF said, the decision would enable an immediate disbursement of about 600 million dollars to Ghana, adding that, the facility would support “a comprehensive reform programme” by the Ghanaian government, to tackle the deep economic crisis brought on by a combination of large external shocks and preexisting fiscal and debt weaknesses.
The statement said, the Ghanaian government’s reform programme would focus on restoring macroeconomic stability and debt sustainability, while implementing wide-ranging reforms, to build resilience and lay the foundation for more robust and inclusive growth.
Facing soaring inflation and currency depreciation, the Ghanaian government began negotiations with the IMF in Jul last year, for a bailout package.
