Business

Ghana likely to secure $3bn from IMF for economic support

Government could obtain a loan of about $3 billion from the International Monetary Fund as economic assistance.

According to Bloomberg, the funding which will come in the form of balance of payment support will be spread within three years.

A billion dollars is expected to come in immediately after the Fund approves an economic programme by the government.

The Government of Ghana is seeking to secure a loan of about $3 billion from the International Monetary Fund, according to two people familiar with the matter.

“The amount is double what the country was considering a month ago as it tries to shore up its finances and gain access to the global markets. The funding would be provided over three years, the people said, asking not to be identified because the talks are still in progress and public announcements have not been made,” it noted.

The government began discussions with the Bretton Wood institution in July 2022, reversing President Akufo-Addo’s administration pledge not to seek a financial programme from the IMF.

Ghana has been struggling to stabilize a rising debt which hit 78.3% of Gross Domestic Product at the end of June 2022, from 62.5% five years ago.

Source: Ghana Business

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