IMF Approves $360 Million Loan to Support Ghana’s Economic Recovery
Written by Olakunle Oke on December 3, 2024
The International Monetary Fund (IMF) has approved a $360 million loan to support Ghana’s economy. This loan is part of a larger $3 billion loan program that was approved in May 2023.
The IMF’s decision to disburse the loan was made after Ghana completed its second review of the loan program, which showed that the country’s economic reforms are paying off. Ghana’s economy has been facing challenges, including high inflation and a large debt burden, but the IMF’s support has helped to stabilize the economy.
The loan will help Ghana to implement its economic reform program, which aims to restore macroeconomic stability, reduce debt vulnerabilities, and promote sustainable growth. The program includes measures to improve fiscal discipline, enhance revenue mobilization, and strengthen monetary policy.
Ghana’s progress in implementing its economic reform program has been impressive, with the country meeting all quantitative performance criteria and most indicative targets for the second review. The IMF has praised Ghana’s commitment to economic reform and its efforts to address its economic challenges.
Overall, the IMF’s approval of the $360 million loan is a positive development for Ghana’s economy, and it reflects the country’s progress in implementing its economic reform program.
