The International Monetary Fund (IMF) has approved Ghana’s $3 billion bailout request to revive its struggling economy.
The decision was made by the IMF’s Executive Board during a meeting held on Wednesday, following Ghana’s assurance of financing from the Paris Club.
In a statement, the IMF’s Executive Board approved a 36-month arrangement under the Extended Credit Facility (ECF) totaling SDR 2.242 billion (approximately US$3 billion, or 304 percent of quota).
The program, known as the Post COVID-19 Program for Economic Growth (PC-PEG), is aimed at restoring macroeconomic stability, ensuring debt sustainability, and implementing comprehensive reforms to enhance resilience and foster inclusive growth.
As a result of this decision, Ghana will receive an immediate disbursement equivalent to SDR 451.4 million (about US$600 million).
The IMF noted that Ghana’s fiscal and debt vulnerabilities have been exacerbated by significant external shocks in recent years, leading to a loss of international market access, limited domestic financing options, and increased reliance on government monetary financing.
This has resulted in declining international reserves, depreciation of the Cedi, rising inflation, and a decrease in domestic investor confidence, ultimately culminating in a severe crisis.
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