IMF and Ghana reach staff-level agreement for first review of $3 billion loan

The International Monetary Fund and the government of Ghana have reached a staff-level agreement on the first review of the $3 billion loan facility, Reuters has reported.

According to Reuters' Africa Senior Markets Correspondent, Rachel Savage, the development paves way for a disbursement of a second tranche of $600 million loan facility pending executive board approval from the IMF.

To get the money, Ghana needs to reach a debt deal with its official creditors, she wrote via the X platform, formerly Twitter.

"To ensure timely completion of the review, the country needs official creditors to quickly reach agreement on a debt treatment in line with the financing assurances they provided in May 2023," Rachel Savage further quoted.

Meanwhile, Stephane Roudet, IMF Mission Chief for Ghana speaking at a joint press conference between the Fund and the Finance Ministry said, "Ghana will have access to about US$600 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive Board.”



See the tweet below:

BREAKING: The IMF and Ghana have reached a staff-level agreement on the first review of the $3 billion loan program.

This paves the way for a disbursement of $600 million once the executive board approves it.

— Rachel Savage (@rachelmsavage) October 6, 2023

To get the money, Ghana needs to reach a debt deal with its official creditors:

"To ensure timely completion of the review, the country needs official creditors to quickly reach agreement on a debt treatment in line with the financing assurances they provided in May 2023."

— Rachel Savage (@rachelmsavage) October 6, 2023

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