Ghana and IMF Agree on $600 Million Second Loan Payment

Ghana has successfully negotiated terms with the International Monetary Fund (IMF) for the release of a second payment amounting to $600 million from its $3 billion credit agreement, as confirmed by an official statement from the IMF on Friday.

IMF mission chief Stephane Roudet commended Ghana’s efforts, stating that the country had implemented adjustments to its macroeconomic policies, effectively completed a domestic debt restructuring operation, and initiated comprehensive reforms. These measures, Roudet emphasized, are already yielding positive outcomes.

Upon approval of the mission’s review by the board, Ghana is set to access approximately $600 million in financial assistance.

Ghana’s economic condition is expected to be a prominent theme in the upcoming election campaign as the nation prepares for elections next year. President Nana Akufo-Addo is concluding his two-term tenure.

In recent days, Accra witnessed protests led by opposition groups, where demonstrators decried the economic crisis and attributed it to the policies of the central bank governor.

Ghana, known for its significant cocoa and gold production, as well as its oil and gas reserves, has faced challenges related to an expanding debt burden and the economic repercussions of the Covid-19 pandemic and the Russia-Ukraine conflict, aligning with struggles experienced by other sub-Saharan African nations.