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Ghana secures conditional approval for $3bn IMF support

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Ghana and the International Monetary Fund (IMF) have reached a preliminary agreement for the fund to support the economy with a US$3 billion credit to help resuscitate it and correct fiscal and monetary imbalances. The proposed three-year extended credit facility (ECF) was approved by the staff of the IMF this week, subject to final approval by the management and Executive Board of the Bretton Woods institution. A statement from the IMF said the Management and Executive Board approval was conditioned on the completion of a debt restructuring exercise to bring debt stock to sustainable levels. It is Ghana’s 17th support...
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