While Ghana is currently going through a serious economic crisis, the International Monetary Fund (IMF) has once again come to the aid of this West African country.
Indeed, Ghana received a new loan tranche of several billion FCFA from the IMF.
To be more precise, it is an envelope of approximately 360 million dollars, or more than 220 billion FCFA.
“The Executive Board of the International Monetary Fund (IMF) has approved the disbursement to Ghana of the third tranche of approximately $360 million of the $3 billion loan program”said the IMF in a press release.
This new disbursement from the international financial institution in favor of Accra brings to 1.56 billion dollars the total amount received by the country as part of an ambitious support plan of 3 billion dollars.
It must be said that this new aid comes after the completion of the second review of the reforms implemented by the Ghanaian authorities.
This funding, allocated by the financial authority, was motivated by satisfactory progress made in debt restructuring and the progression of structural reforms in Ghana.
“The Ghanaian government’s reform efforts are bearing fruit: economic growth has been more robust than expected, inflation has declined rapidly from the peaks seen in 2022, and the fiscal position has improved.”the IMF said.
Indeed, this West African country is currently facing serious financial difficulties.
In May 2024, inflation rose to 22.1%. Likewise, we are seeing a rapid increase in food and energy prices.
At the start of 2023, the country’s external debt stood at around $30 billion.
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