IMF deal: Ghana now an attractive investment destination; investor confidence renewed – Ofori-Atta
Finance Minister, Ken Ofori-Atta says the approval of Ghana’s US$ 3billion bailout from the International Monetary Fund (IMF) signals an era of renewed investor confidence in the country’s economy.
The Minister was reacting to the $300 million funding for African countries by the U.S. International Development Finance Corporation (DFC) which Ghana is a beneficiary.
DFC has announced it is using its $300 million loan facility to Africa Data Centers (ADCs), Africa’s largest network of interconnected data facilities, to construct a first-of-its kind data center in Accra, Ghana.
This private investment according to the Minister, has led the way to “signal renewed confidence in Ghana as an attractive investment destination.”
The Minister said Ghana benefitted from the facility because of the IMF deal.
“Very positive development from meeting with the US Development Finance Corporation (DFC). The DFC is keen and ready to explore sovereign lending and private sector opportunities in Ghana”, he added.
The IMF board on Wednesday, May 17 approved the $3 billion bailout for Ghana and released the first $600 million tranche on Friday, May 19 as the country readies to use the three-year extended credit facility to achieve macro-economic stability.
The first of the seven tranches according to government will be used for budget support and to help stabilize the cedi.
The Ghanaian economy has been faced with some critical ailing conditions for some time now including rising inflation, a depreciating currency, high budget deficit amongst others.
Ghana’s program with the IMF is based on the government’s Post COVID-19 Program for Economic Growth (PC-PEG), which aims to restore macroeconomic stability and debt sustainability and includes wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth.
Source: Ghana Business
