The executive board of the International Monetary Fund, IMF, has approved a $3 billion, three-year extended credit facility for Ghana, three senior Ghanaian officials said on Wednesday, May 17, 2023, as the West African country tries to overcome its worst economic crisis in a generation.
Two other sources familiar with the process said the agreement marked an important step forward for Ghana, but cautioned that authorities in the West African country still faced a long road of negotiations and work with its creditors.
The IMF did not immediately respond to a request for comment.
Ghana’s official sector creditors formed a committee co-chaired by China and France and agreed to debt restructuring talks, the Paris Club said last week. This paved the way for a sign-off on the IMF loan, which was agreed at the staff level in December.
Ghana faces a debt overhaul after its already strained finances buckled under the economic fallout from COVID-19 and Russia’s invasion of Ukraine.
