Ghana was commended by the International Monetary Fund (IMF) for obtaining a $3 billion bailout as requested to aid in the nation’s economic recovery.
On Wednesday, May 17, 2023, the executive board of the Fund approved the funding, allowing for an immediate distribution of around $600 million.
The remainder will be paid out in installments every six months after program reviews.
IMF managing director Kristalina Georgieva said the Fund is happy to be a partner with Ghana in addressing the challenging economic difficulties facing the country.
“Congratulations to Ghana for a strong program with reforms to revitalize growth and reduce the country’s debt burden,” she said in a video release.
“I’m very pleased that the IMF executive board has approved today, [Wednesday, 17 May 2023] a three-year, $3 billion support for this programme.
“We are proud to be partners with Ghana in addressing the difficult economic and financial conditions the country is facing.”
“Decision is also a major milestone for the G20 Common Framework. The commitment by the official creditors to help make Ghana’s debt sustainable was essential for the approval of the Funds programme and it signals important progress in the G20 Common Framework.
“The decision our board has taken is the beginning of the work we will do together with the authorities of Ghana for the implementation of the programme for the benefit of the people of Ghana.”