Ghanaian authorities are working towards finalizing a memorandum of understanding with official creditors prior to the first review of the IMF program, which is expected to be presented to the Fund's board in November and would trigger a disbursement of $600 million, according to the IMF statement on Thursday.
The approval of a $3 billion, three-year rescue loan by the International Monetary Fund's executive board has opened up a potential path for Ghana to navigate through its most severe economic crisis in decades.
During a joint press conference with IMF Mission Chief Stephane Roudet, Ghana's Finance Minister, Ken Ofori-Atta, emphasized that there was no urgency to return to the international financial markets.
“Our expectation is that in managing our expenditure and increasing our revenue … we then get our ratings up and make the country more attractive for foreign investors,” Ofori-Atta stated.
As part of its debt overhaul, Ghana is seeking $10.5 billion of external debt service relief for the period between 2023 and 2026, providing an initial indication of the potential impact on investors.
