04 July 2017

IMF Deal : Ghana To Receive $116m July

Ghana is set to receive some $116 million under its three-year programme with the International Monetary Fund (IMF) this month.

This will be after the IMF Board gives its approval when it meets this month to review the country’s performance under the programme.
The Board is also expected to officially confirm Ghana’s request for the extension of the programme from April to December 2018

The IMF in 2015 approved a three-year programme for Ghana worth $918 million aimed at putting the country’s economy back on trac

Throwing more light on the development, Dr Natalia Koliadina, the Country Representative of the IMF said the deal aimed at helping the country to stabilize its debt, saying if last year’s fiscal consolidation programme continues as it was programmed then by the end of the year, the country’s debt to GDP ratio will decline.

“That is the reason why it is so important to actually resume fiscal consolidation to stabilize debt,” he stated

Since the last review, government has taken some major steps to clear parts of the energy sector debt which stood at 2.4 billion cedis as well as recapitalization of some distressed commercial banks in the country.

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