The International Monetary Fund (IMF) announced on Tuesday that Ghana had agreed to a $3 billion credit agreement. Ghana’s resolve not to seek the fund’s assistance for the 17th time crumbled in July, according to Finance Minister Ken Ofori-Atta, after soaring inflation sparked widespread street protests.
The proposed three-year loan is expected to be approved by the IMF board “early next year,” according to Ofori-Atta.
We pray that this will be the last (support needed). That is why the programme will be that strong,” he told reporters.
Ofori-Atta stated that the speed with which the agreement was reached was “miraculous,” and that the government is prepared to complete the actions required by the fund by the end of January.
“Spending cuts and more measures to boost government revenue are not enough to address Ghana’s economic challenges and national debt”, According to Ofori-Atta, external debt restructuring discussions are ongoing.
At a news conference on Tuesday, IMF Mission Chief for Ghana Stephane Roudet stated that the IMF executive board will only approve the $3 billion loan package if Ghana undergoes a comprehensive debt restructuring.
