Ghana doubles IMF funding target to $3bn – Bloomberg

Ghana is expecting to receive $3 billion dollars over three years from the International Monetary Fund, if an agreement on a programme is reached, international news agency, Bloomberg reported.

Bloomberg reported that the loan requested was double the amount of $1.5 billion the west African nation was requesting a month ago.

According to the news portal, the source agreed to give the information on condition of anonymity.

“Since negotiations for the programme are starting now, it’s too early to comment on the final form the programme will take,” an IMF spokeswoman said in an emailed response.

“The Extended Credit Facility for low-income countries is the Fund’s main tool for medium-term support for countries facing protracted balance of payments problems, similar to Ghana’s. The duration of such an arrangement is between three to four years, and extendable to five years.” Bloomberg added.

On July 1 Ghana government announced a u turn of an initial decision of not resorting to the IMF for support despite economic hardship hitting the citizenry.

Consequently, a team from the IMF arrived in Ghana to start negotiations with the Ghana government. The government has since maintained to secure a good deal for the country.

African Editors’ sources have confirmed that Ghana could secure IMF bailout within the second quarter of 2023 despite worsening economic conditions.

Meanwhile, Ex-President John Dramani Mahama has urged President Akufo-Addo to convey crunch meeting by assembling expert in Ghana to table over how to fix the broke economy under his watch. According to him, Ghana’s economy is deteriorating to a junk levels and deliberate decision needs to be taken before it develops I into unmanageable proportions.