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Ghana Unlocks $360 Million Disbursement From IMF After Review - BLOOMBERG
(Bloomberg) -- Ghana has unlocked a $360 million disbursement from the International Monetary Fund following a successful third review of its extended credit facility.
The approval by the IMF’s Executive Board on Monday brings to $1.92 billion the total amount the West African nation has received so far since agreeing to a $3 billion program in May last year.
Ghana sought IMF help after its debt ballooned and it could no longer service its obligations. The country has restructured almost all of its 761 billion cedis ($50 billion) of debt as part of IMF conditionality to make loans sustainable.
“Steadfast implementation of the policy and reform agenda, including before and after the upcoming general elections, remains essential to fully restore macroeconomic stability and debt sustainability,” the Washington-based lender said in a statement.
Ghana goes to the poll on Dec. 7 to elect a new president. Vice President Mahamudu Bawumia faces off against main opposition leader and former president John Dramani Mahama. President Nana Akufo-Addo is stepping down after his last four-year term.
