The International Monetary Fund (IMF) has congratulated Ghana for securing a $3 billion bailout as requested to support the country’s economic recovery.
The executive board of the Fund approved the money on Wednesday, 17 May 2023, allowing for an immediate disbursement of about $600 million.
The rest will be disbursed in tranches every six months following programme reviews.
Speaking after approving Ghana’s request, IMF managing director, Kristalina Georgieva, said the Fund is proud to be partners with Ghana in addressing the country’s difficult economic conditions.
She remarked in a video announcement “congratulations to Ghana for a strong programme with reforms to revitalize growth and reduce the country’s debt burden.
Congratulations to President @NAkufoAddo & his team on the $3 billion IMF-supported program approved by our Executive Board.
We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians.
— Kristalina Georgieva (@KGeorgieva) May 17, 2023
“I’m very pleased that the IMF executive board has approved today, [Wednesday, 17 May 2023] a three-year, $3 billion support for this programme.
“We are proud to be partners with Ghana in addressing the difficult economic and financial conditions the country is facing.”
In her words, the “decision is also a major milestone for the G20 Common Framework. The commitment by the official creditors to help make Ghana’s debt sustainable was essential for the approval of the Funds programme and it signals important progress in the G20 Common Framework.
“The decision our board has taken is the beginning of the work we will do together with the authorities of Ghana for the implementation of the programme for the benefit of the people of Ghana.”
