International Monetary Fund (IMF) Managing Director Kristalina Georgieva reiterated the IMF's dedication to assisting Ghana in securing an assistance program.
Ghana and the IMF achieved a staff-level agreement in December 2022; it is seeking board confirmation.
Ms. Georgieva wrote in a tweet, "Very good and wonderful meeting with President @NAkufoAddo. I thanked him for helping Ghana secure a staff-level agreement for IMF assistance and aid. We support Ghana and will continue to do our part to provide aid to Ghanaians.
The U.S.-African Leaders' Summit is being attended by President Akufo-Addo while he is abroad.
A staff-level agreement was achieved between the IMF staff and the government of Ghana about economic policies and reforms that would be backed by a new $3 billion, three-year Extended Credit Facility (E C F) arrangement and agreement.
According to a statement from the fund , a key factor in this decision was Ghana 's robust reform program , which was designed to rebuild macro economic stability and debt sustainability while safeguarding the most vulnerable , maintaining financial stability , and laying the groundwork for a robust and inclusive recovery of the ghanaian economy .
The staff-level agreement, however , is contingent on receiving the required finance assurances from Ghana's partners and creditors as well as IMF Management and Executive Board approval.
The government has started a thorough debt operation , the statement continued, to help with the goal of restoring public debt sustainability . However , the Fund stated that before the proposed Fund-supported plan can be submitted to the IMF Executive Board for approval, substantial guarantees and advancement on this front will be required .
The statement noted that " the Ghanaian authorities have committed to a broad-based economic reform agenda, which builds on the government's Post - COVID - 19 Programme for Economic Growth (P C - PEG) and addresses the serious difficulties facing the nation . "
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