IMF Approves $600 Million Loan Disbursement for Ghana After Completing Review, But Further Funds Dependent on Debt Relief Progress
-
Ghana and IMF reach agreement on initial review of $3 billion loan program, paving way for $600 million disbursement pending board approval.
-
IMF says timely completion of review requires agreement from official creditors on debt treatment.
-
Loan program conditional on debt restructuring and fiscal adjustments to address economic crisis.
-
Ghana received initial $600 million tranche in May 2022. Total external debt was $30 billion at end of 2022.
-
Government making progress on reducing fiscal deficit; engaged in debt relief talks with bilateral and commercial creditors to reduce interest payments by $10.5 billion over 3 years.