ACCRA: A buyer looks at secondhand clothes at the Kantamanto market in Accra, Ghana.- AFP
ACCRA: A buyer looks at secondhand clothes at the Kantamanto market in Accra, Ghana.- AFP

IMF validates a fresh tranche of aid for Ghana

ACCRA: The International Monetary Fund said it had validated a fresh tranche of aid of $360 million for Ghana as the country seeks to exit an economic crisis. The latest aid comes as part of a second review of the IMF’s $3 billion assistance package to Accra, which was approved in May last year, to help Ghana shore up its public finances and better manage its heavy debt load.

“IMF staff and the Ghanaian authorities have reached a staff-level agreement on the second review of Ghana’s economic program under the Extended Credit Facility,” said IMF mission head for Ghana Stephane Roudet, referring to an aid program for political services and economic reforms. The latest package means total IMF financial support released under the agreement since May 2023 is worth about $1.5 billion, the IMF stated. In 2022, Ghana endured its worst economic crisis in decades, with inflation racing past 50 percent which forced Ghana - a major gold, oil and cocoa producer - to take out a loan and also restructure its debts.

The country has, along with other African states, also been hard hit by economic fallout from the coronavirus pandemic as well as the Russia-Ukraine war. According to the IMF, the aid provided to Ghana has already borne fruit in enabling Accra to set in train reforms aimed at restoring macroeconomic stability and debt sustainability while laying the groundwork for stronger and more inclusive growth. Last year Ghana successfully carried out a restructuring of its domestic debt. — AFP

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