Ghana seeks $3bln loan from the IMF

Ghana and the IMF reached a staff level agreement for a loan worth $3 billion, an inroad in the West African country’s efforts to improve its public finances.

Ghana is on a debt-restructuring program after it defaulted on most of its $30 billion international debt in 2022.

“Performance under the IMF-supported program has been generally satisfactory. All end-June 2024 quantitative targets were met, and progress on key structural reforms has continued notwithstanding delays in a few areas,” the IMF said in a statement.

In June, 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 same month, 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.