The International Monetary Fund (IMF) Mission Chief for Ghana, Mr Stephane Roudet, has expressed confidence that Ghana's 17th loan-support program with the Fund will position the country as a resilient economy.
He highlighted that the program encompasses a wide range of structural reforms aimed at enhancing Ghana's ability to withstand future shocks.
Following the approval by the IMF Board, the first tranche of $600 million out of the total $3 billion loan will be credited to Ghana's account on Friday. This funding is intended to promote macroeconomic stability by reducing interest payments, debt levels, and budget deficits.
During a press briefing in Washington DC, Mr Roudet emphasized that the successful implementation of the $3 billion three-year Extended Credit Facility (ECF) arrangement between the Fund and Ghanaian authorities will pave the way for a brighter future for Ghana.
He urged stakeholders, including bilateral and external creditors, to support Ghana's restructuring efforts, which are crucial for the effective implementation of the loan-support program.
Ghana's Finance Minister, Mr Ken Ofori-Atta, assured that the government would increase revenue and implement measures to rationalize expenditure, thereby creating additional funding resources under the program.
He emphasized the government's commitment to meeting all benchmarks to ensure the successful implementation of the three-year program, which will attract foreign and private investors and foster higher growth and job creation.
Mr Ofori-Atta expressed confidence in Ghana's ability to recover and revitalize the economy, stating that the collective effort of the Ghanaian people will overcome current challenges and lead to a stronger future.
He called on stakeholders to swiftly provide their support to conclude remaining negotiations on external debt restructuring and ensure Ghana reaps the full benefits of the IMF loan.
Dr Ernest Addison, Governor of the Bank of Ghana, emphasized that the approval of the $3 billion loan program will enable Ghana to engage better with other development partners to implement necessary reforms for macroeconomic stability and sustainable growth. He underscored that the program's approval marks the beginning of the significant work of building a better Ghana.
The IMF loan facility with Ghana is part of the three-year Post COVID-19 Program for Economic Growth (PC-PEG), aimed at facilitating a balance of payment funding and accelerating the country's recovery from the economic crisis caused by the pandemic, Russia-Ukraine war, and internal structural issues.
It is designed to promote inclusive and sustainable growth, alleviate exchange rate pressures, and catalyze additional sources of financing.
