Ghana reaches $3 billion IMF staff-level deal

The International Monetary Fund (IMF) and Ghana have reached a staff-level agreement for three-years extended credit facility of $3 billion, its statement read on Tuesday.

The economic programme aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth, as Ghana is facing more than 40 percent inflation.

Ghana’s government had committed to a wide-ranging economic reform program that will restore stability and debt sustainability, IMF mission chief in Ghana Stephane Roudet said.

The programme also aims to reduce inflation, strengthen the economy’s resilience to external shocks and improve market confidence in the country, according to IMF.

Ghanaian President Nana Akufo-Addo has come under fire for his handling of the economic crisis and in particular for seeking IMF assistance, having once promised a Ghana without aid.

Noteworthy, that Ghana has approached the IMF in July to ask for help after economic hardship spurred widespread street protests.

Ghana is a major producer of cocoa and gold and has oil and gas reserves, but its debt service payments have skyrocketed.