Ghana: U.S.$3 Billion ECF Deal - IMF Support Will Restore Economic Stability, Growth

  • 📰 allafrica
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 99%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

The Minister of Finance, Ken Ofori-Atta, says the clinching of the $3 billion Extended Credit Facility (ECF) deal with the International Monetary Fund (IMF) will help bring the country back on the path of growth, macroeconomic stability and debt sustainability.

"Though the government acknowledges the IMF programme is not the magic wand to address all the socio-economic and development challenges facing the country, it is the first step to restoring economic stability and promote inclusive growth," he said during a joint virtual press conference between Ghana and the IMF in Washington yesterday,

Mr Ofori-Atta said it would require hard work and collective support and sacrifices from all the citizens and stakeholders to address the macroeconomic challenges facing the country. He said the government would work to achieve the targets set under the programme to enable the country to access all the $3 billion earmarked for the programme, and mentioned some of the targets as improving revenue, cutting expenditure and zero financing of the budget of the BoG.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in LOANS

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

No Magic Wand, But Ghana Receives First Tranche of IMF BailoutThe clinching of the U.S.$3 billion Extended Credit Facility with the International Monetary Fund will help bring Ghana back on the path of growth, macroeconomic stability and debt sustainability, Finance Minister Ken Ofori-Atta has said. Ghana received a U.S.$600 million tranche as part of the U.S.$3 billion IMF loan. The IMF's bailout has been subject to the Ghanaian government getting its public debt down to more manageable levels and also needed the buy-in from bond holders. In December 2022, the Ghanaian government formally launched the country's domestic exchange programme as part of measures to restructure and bring the country's debt portfolio to sustainable levels, with a call on citizens to support the rollout. A top cocoa and gold producer, Ghana also has oil and gas reserves, but its debt soared in 2022, and like the rest of sub-Saharan Africa it has been hit by the fallout from the Covid-19 pandemic and the war between Russia and the Ukraine.
Source: allafrica - 🏆 1. / 99 Read more »

Ghana: Can We Avoid Future IMF Credit?Opinion - At long last, the Executive Board of the International Monetary Fund (IMF) has approved the long-awaited $3-billion bailout being sought by Ghana to reset its economy to ease the hardship in the country.
Source: allafrica - 🏆 1. / 99 Read more »