$3 billion: We have passed the last hurdle - Akufo-Addo inChina, the financial support pledge of the Paris Club 


President Nana Akufo-Addo has said that Ghana has overcomethe last hurdle to access the International Monetary Fund's (IMF) $3 billion credit facility.

\" The Paris Club has formedthe OCC today (administeredby China and France). By providing financial support,Ghana is now ready to run forthe IMF Executive Board. Thank you to all our partners for helping us reach this milestone! Ghana's Finance Minister Ken Ofori-Atta tweeted. In his speech at a meeting with leaders of the Catholic Bishops'Conference at Jubilee House later today, President Akufo-Addo said the progress made paves the way for achieving the balance of payments required by Ghanaians. 

Akufo-Addo said, "Today we were informed that the finalhurdle has been reached in our agreement with the IMF. "TheParis Club met today in Paris ata meeting co-chaired by China and France and accepted and approved Ghana's request for the IMF program," he said. 

Meanwhile, the Managing Director of the International Monetary Fund, Mrs. Kristalina Georgieva, said: "I welcome the statement of the GhanaianCommittee of Payers on the importance of economic programs supported by the IMF and the integration his hand to discuss debt restructuring in the same way". "This announcement provides the assurance of the necessary funding for IMF officials to monitor the program supported by the IMF and to unlock the necessary fundingfrom Ghana's development partners," he said in a statement. 

Ms Georgieva said: "I strongly support the call of the Committee of Payers for self-payers and other payers for third-party payers to engage in similar payment treatment. him." 

He added: "The actions of the creditors' committee recognize the strong reform program ofthe Ghanaian authorities, which seeks to restore economicstability and debt sustainability and also lay the foundations for an inclusive recovery." 

"It also shows that further progress is being made under the G20 Common Framework, showing that international partners are ready to work together to help countries solvetheir debt problems." 

"This is important for countries like Ghana to achieve sustainable development and reduce poverty," he agreed. TheIMF concluded a tradeagreement with Ghana in December last year. 

Ghana held a debt restructuring program following therestructuring of its external debt with China and the Paris Club. The acceptance of fundsfrom the Asian giants and the Club is the only stumbling block for Ghana to get the support ofthe IMF. 

Ghana's economy has been in the doldrums for two years. The IMF extended credit facility aims to provide Ghana withsome credit so that the country can re-enter the international capital market.

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