IMF Approves $3 Billion Bailout for Ghana

The International Monetary Fund (IMF) has approved a $3 billion bailout to support Ghana’s economy, according to sources.

The IMF’s Executive Board gave the green light after a crunch meeting today (May 17, 2023).

Reports suggest that the team is finalising the agreement with a press release confirming the details to be released in a few hours.

IMF Managing Director Kristalina Ivanova Georgieva-Kinova chaired the Board meeting on Ghana’s programme.

Before the approval, Ghana had to embark on several measures, including the Domestic Debt Exchange Programme (DDEP), tax increment, and some expenditure cuts.

Investors will welcome the announcement with a positive impact on the Cedi and other macroeconomic indicators.

Meanwhile, the IMF has announced that a virtual press conference will be held on Thursday, [May 18], to provide journalists with insights into the outcomes of the Executive Board meeting concerning Ghana’s request for an Extended Credit Facility (ECF) Arrangement.

The press briefing will feature key participants, including Stephane Roudet, the IMF Mission Chief for Ghana; Ken Ofori-Atta, Ghana’s Minister of Finance; Ernest Addison, Governor of the Bank of Ghana; and Tatiana Mossot, Senior Communications Officer at the IMF.

The highly anticipated press conference aims to clarify the discussions held during the IMF Executive Board meeting and the decisions made regarding Ghana’s request for an Extended Credit Facility Arrangement.