Categories: Business

IMF and Ghana Reach Agreement on $600 Million Installment, Signaling Positive Economic Shift Amidst Political Landscape”

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).

pann.news

Recent Posts

Moroccan museums open doors for free to inspire youth pride and cultural connection

Across Morocco, museums opened their doors for free—inviting young people to explore their roots. It’s…

1 day ago

Nigeria’s Peter Obi to contest 2027 election, opposition coalition in jeopardy

Former presidential candidate Peter Obi has confirmed that he will run in Nigeria’s 2027 election…

1 day ago

Sudanese refugees in Chad face deepening humanitarian crisis

The World Food Programme warned that it could suspend food assistance without new funding...Read More

1 day ago

Cameroon’s Tourism Minister joins presidential race as Biya’s silence fuels uncertainty

President Biya, now 92 and in office since 1982, has not announced whether he intends…

1 day ago

FIFA Club World Cup at halfway mark amid concerns for players’ health

Manchester City’s Pep Guardiola says he fears taking part in the tournament could "destroy" the…

1 day ago

Sudan: U.S. sanctions over alleged chemical weapons use come into force

Citing anonymous US officials, the New York Times reported in January that government soldiers deployed…

2 days ago