IMF, Ghana Reach Staff-Level Agreement on $3bln Program

The International Monetary Fund (IMF) says it has reached a staff-level agreement with Ghana on a three-year arrangement of about $3 billion to support the country’s s Post-COVID Program for Economic Growth. 

The program aims to restore stability and debt sustainability while protecting the vulnerable, preserving financial stability, and laying the foundation for strong and inclusive recovery.

The agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors.

“I am pleased to announce that the IMF team reached staff-level agreement with the Ghanaian authorities on a three-year program,” said Stéphane Roudet, Mission Chief for Ghana.

The announcement on Tuesday comes after an IMF team led by Mission chief Stéphane, made a two-week-long visit to Accra beginning Dec 1, 2022.

In Accra,  IMF staff held meetings with Vice President Bawumia, Finance Minister Ofori-Atta, and Bank of Ghana Governor Addison, and their teams, as well as representatives from various government agencies.

“The Ghanaian authorities have committed to a wide-ranging economic reform program, which builds on the government’s Post-COVID-19 Program for Economic Growth and tackles the deep challenges facing the country,” Stéphane said.

To support the objective of restoring public debt sustainability, IMF says the Ghanaian authorities have launched a comprehensive debt operation.

“Sufficient assurances and progress on this front will be needed before the proposed Fund-supported program can be presented to the IMF Executive Board for approval,” Stéphane added.

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