IMF approves Ghana’s $3bn bailout

Deep-seated sources have told Ghanatodayonline.com that Ghana has received the long-awaited $3 billion in financial support from the International Monetary Fund (IMF).

The Executive Board of the International Monetary Fund (IMF) unanimously endorsed Ghana’s program for the following three years during a meeting held today [May 17, 2023] in Washington.

According to Ghanatodayonline.com sources in Washington, the acquisition is nearing completion and will be officially announced in a press statement that will be issued in the next several hours.

The Extended Credit Facility (ECF) Arrangement request from Ghana will be discussed at a virtual press conference that will take place on Thursday, May 18 to give journalists a glimpse into the conclusions of the meeting of the Executive Board.

At the news conference, notable speakers will include Tatiana Mossot, senior communications officer at the IMF, Ken Ofori-Atta, Ghana’s Minister of Finance, Ernest Addison, governor of the Bank of Ghana, and Stephane Roudet, head of the IMF mission for Ghana.

The eagerly awaited news conference intends to provide light on the debates had at the IMF Executive Board meeting and the choices made on Ghana’s application for an extended credit facility arrangement. Journalists and other interested parties will be able to interact with the expert panel using Zoom’s virtual format and learn more about the IMF’s viewpoint on Ghana’s economic position and the suggested assistance.

Ken Ofori-Atta, Ghana’s Minister of Finance, and Governor Ernest Addison would probably exchange ideas on the nation’s economic difficulties, reform initiatives, and probable effects of the Extended Credit Facility Arrangement on Ghana’s financial stability and prospects for economic growth.

The IMF Mission Chief for Ghana, Stephane Roudet, will give a professional assessment of the economy of the nation while detailing the terms and regulatory framework of the Extended Credit Facility Arrangement.

Source: Ghanatodayonline.com