The fund said the program approved by its board is for 36 months under the extended credit facility.
For her part, the Fund’s Managing Director, Kristina Georgieva, said the loan aims to “restore macroeconomic stability and debt service capacity, as well as implement far-reaching reforms to build resilience. and lay the foundations for a stronger and more inclusive economy”. growth.”
She added that tackling public budget imbalances is a “central part of the program” as well as “maintaining stability in the financial sector”.
The loan also aims to “control inflation and replenish the country’s foreign exchange reserves”, according to the director general.
The economic crisis has worsened in Ghana due to the repercussions of the war in Ukraine.
Although Ghana is a major producer of cocoa and gold, and also has gas and oil reserves, its debt has soared, like other countries in sub-Saharan Africa, due to the repercussions of the epidemic of Covid-19 and the war in Ukraine.
The Ghanaian government had in recent years raised nearly $17 billion in euro bonds at cheap interest rates to carry out development projects, but with central banks starting to raise interest rates interest in controlling inflation, Ghana found itself outside the international debt markets, with growing concerns. on its ability to pay what it owed, which prompted it to obtain an exemption from the International Monetary Fund in 2022, and to apply for the agreed funding program.
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