IMF approves disbursement of $360 mln to Ghana

The International Monetary Fund gave the greenlight for the disbursement of 360 million dollars to Ghana, after the latter reached an agreement with its creditors to restructure its debt.

“The authorities’ strategy aimed at restoring macroeconomic stability and reducing debt vulnerabilities is paying off, with clear signs of stabilization emerging,” IMF Deputy Managing Director Kenji Okamu said.

The new disbursement will bring to 1.5 billion dollars under a three-year bailout program that aims to help the country stave off its worst financial crisis.

Ghana sought IMF help in 2022 after soaring inflation worsened by the impact of Covid pandemic and international market disruptions following the Russian-Ukrainian war.

Last week, Ghana reached a deal with bondholders that will forgo nearly $5 billion in a sovereign debt restructuring deal that would help the country avoid default.

The deal marks a key step in the country’s quest to restructure its $13 billion debt that left the country on the brink of financial collapse.