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Ghana and the International Monetary Fund (IMF) have reached an agreement for the second installment of $600 million. The IMF announced this in a statement on Friday, noting that Ghana has fulfilled specified conditions for the interim disbursement from its $3 billion credit deal.

According to Stephane Roudet, the chief of the IMF mission, Ghana’s authorities have implemented significant changes, successfully concluded a domestic debt restructuring initiative, and adjusted macroeconomic policies. Roudet emphasized that these measures have already yielded positive outcomes.

Concerning the economic situation, Ghana is expected to gain access to approximately $600 million in funding once the IMF mission’s review receives approval from the board, as stated in the announcement.

As Ghana approaches elections next year, the country’s economic condition is poised to be a major political topic, especially with President Nana Akufo-Addo stepping down after two terms. Recent protests in Accra saw hundreds of opposition demonstrators expressing discontent with the economic crisis, attributing it to the policies of the central bank governor.

Despite being a significant producer of cocoa, gold, oil, and gas, Ghana has grappled with an expanding debt burden. Like other sub-Saharan African nations, it has faced economic challenges stemming from the fallout of the COVID-19 pandemic and the Russia-Ukraine war, as highlighted by the World Bank’s suggestion that African governments may need to relinquish some power to ensure the success of the African Continental Free Trade Area (AfCFTA).