Ghana has reached a staff-level agreement with the International Monetary Fund (IMF) for a $3-billion three-year extended credit facility, according to a press release on December 12th.
The Ghanaian government agreed on a set of economic policies and reforms to be supported by the loan.
The program aims to restabilize the economy and achieve debt sustainability in tandem with protecting vulnerable citizens.
The government launched a comprehensive debt operation to restore public debt sustainability.
The program adopts a variety of reforms to address structural weaknesses and enhance economic resilience.
“The Ghanaian authorities have committed to a wide-ranging economic reform program, which builds on the government’s Post-COVID-19 Program for Economic Growth (PC-PEG) and tackles the deep challenges facing the country,” IMF’s Mission Chief for Ghana, Stéphane Roudet, said.
“Structural reforms will be introduced to underpin the fiscal strategy and ensure a durable consolidation. These include developing a medium-term plan to generate additional revenue and advancing reforms to bolster tax compliance,” Roudet added.
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