The International Monetary Fund’s executive board on Monday completed the sixth and final review of Ghana’s $3 billion support program, clearing the way \u200bfor a final disbursement of about $371 million, the IMF said \u200cin a statement.<\/p>\n
IMF Deputy Managing Director Bo Li said Ghana’s performance under the program had been broadly satisfactory, with sustained reform efforts and favorable \u200bcommodity price developments helping to stabilize the economy and \u200blower debt risks.<\/p>\n
The oil, gold and cocoa producer \u2060sought IMF support in 2022 after its debt-servicing costs soared \u200bin the wake of years of overspending, the COVID-19 pandemic, Russia’s \u200binvasion of Ukraine and high global interest rates, all of which hammered the cedi and drove up inflation.<\/p>\n
Ghana reached an agreement with\u00a0IMF staff in \u200bMay\u00a0on the final review of the $3 billion credit facility, \u200bwhich helped it emerge from its worst economic crisis in a generation. Such \u200cagreements \u2060require board approval.<\/p>\n
In a statement, Li said:<\/p>\n
Ghana’s comprehensive debt restructuring was largely complete and its risk of not being able to service its debt had returned to moderate. Continued reforms and \u200bstrict fiscal discipline \u200bwould be essential \u2060to address remaining vulnerabilities.<\/p>\n
Ghana’s central bank had anchored disinflation and rebuilt its external buffers, but it \u200bneeded to safeguard central bank independence, transfer its \u200bdomestic \u2060gold purchase program to the Gold Board and implement a recapitalization plan.<\/p>\n
Ghana also needed to press ahead with “decisive corrective measures, robust supervision, \u2060and finalization \u200bof the crisis management and resolution \u200bframework,” as well as enacting conduct laws for public officials.<\/p>\n","protected":false},"excerpt":{"rendered":"
The International Monetary Fund’s executive board on Monday completed the sixth and final review of Ghana’s $3 billion support program, clearing the way \u200bfor a final disbursement of about $371 million, the IMF said \u200cin a statement. IMF Deputy Managing Director Bo Li said Ghana’s performance under the program had been broadly satisfactory, with sustained […]<\/p>\n","protected":false},"author":6,"featured_media":18542,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":4,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_comment_section":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Reuters","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[32,2362,27],"tags":[5362,136,158,1163,373],"class_list":["post-21616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-featured","category-west-africa","tag-bo-li","tag-covid-19-pandemic","tag-ghana","tag-international-monetary-fund-imf","tag-russia"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/21616","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=21616"}],"version-history":[{"count":1,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/21616\/revisions"}],"predecessor-version":[{"id":21617,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/21616\/revisions\/21617"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/18542"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=21616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=21616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=21616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}