The IMF approves the third review of Ghana’s $3 billion loan program, paving the way for an immediate disbursement of approximately $360 million.
The International Monetary Fund (IMF) announced it has approved the third review of Ghana’s $3 billion loan program, paving the way for an immediate disbursement of approximately $360 million.
The West African gold and cocoa producer is striving to recover from the impact of its 2022 debt default and is preparing to hold presidential and parliamentary elections on December 7.
“The successful completion of three consecutive IMF reviews demonstrates the government’s commitment to reviving the economy,” Amin told Reuters.
“We have shown an unusual level of discipline in financial management,” he added. “We are fully aware of the immense work that lies ahead and will do everything for the benefit of our people.”
Debt Restructuring
The IMF’s Executive Board approved Ghana’s current loan program in May of last year, which is set to conclude in 2026.
Ghana’s debt restructuring is expected to reduce its obligations to bondholders by $4.7 billion and provide $4.4 billion in cash flow relief over the course of the IMF program.
