The Ministry of Finance has described the interest on the $3 billion cash received from the International Monetary Fund (IMF) as low.
The Ministry said the bailout is going to restore macroeconomic stability, sustain the country’s debts and lay a strong foundation for inclusive growth.
“The first tranche of $600million of Ghana’s low interest of $3billion Extended Credit Facility has been received to help restore macroeconomic stability, sustain the country’s debts and lay a strong foundation for inclusive growth,” the Ministry tweeted on Saturday, May 20.
The first tranche of $600million of Ghana's low interest of $3billion Extended Credit Facility has been received to help restore macroeconomic stability, sustain the country’s debts and lay a strong foundation for inclusive growth.
— Ministry of Finance, Ghana (@MoF_Ghana) May 20, 2023
The IMF Mission Chief for Ghana Stéphane Roudet also indicated that the $3 billion bailout would result in reforms in the energy and cocoa sectors.
He added that the programme would also result in reforms to encourage private sector investments and also build international reserves.
“There will be reforms in the energy and cocoa sectors,” he said during a joint Ghana -IMF press conference.
“It will be restoring macroeconomic stability, for higher and more inclusive growth. It has reforms that will make the economy more resilient and likely to withstand shock in the future,” he added.
The Board of the Fund unanimously approved Ghana’s bailout on Wednesday, May 17 at a meeting in Washington after Ghana secured the Paris Club financing assurance on Friday, May 12.
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