Ghana-IMF Deal: The Washington-based lender IMF to extend Ghana's credit facility

Business Insider has learnt that Ghana has communicated to the International Monetary Fund (IMF) its decision to extend the Fund’s programme.

The government of Ghana has finally communicated its decision to extend the Extended Credit Facility (ECF) it signed with the International Monetary Fund (IMF).

Business Insider learnt the extension was communicated to the IMF in June.

On April 2015 Ghana entered into a three year program with the IMF for a total amount 918 million US dollars.

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This agreement was expected to be disbursed in eight equal tranches.

The programme aims to restore debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation, while protecting social spending.

Business Insider gathers that the program would be extended to December 2018, instead of the initial completion date of March 2018.

This comes after several debates on whether the programme should be extended and what should be the end date for the programme.

Reports says the West African country Ghana is hoping for an extension because the country was unable to meet most of the IMF targets before the completion date of March 2018.

READ ALSO: Ghana's debt-to-GDP ratio to hit 71.7% - IMF projects

Finance Minister for Ghana Ken Ofori Atta early on said the program would only be extended if government is not able to meet the targets by the end of this year.

Industry players within the country's economic fraternity believe that the extension was one of the expected requirements from Ghana before it meets the IMF board next month to assess Ghana’s performance under the IMF programme.

Business Insider has learnt that Ghana has communicated to the International Monetary Fund (IMF) its decision to extend the Fund’s programme. Read Full Story