Ghana’s Plan to Pay Off Debt Underway 

The International Monetary Fund’s board approved a first review of Ghana’s loan programme on Friday, allowing for the immediate disbursement of about $600 million under its $3 billion bailout programme. The decision comes after the gold, oil and cocoa producer reached a deal to restructure $5.4 billion of loans with its official creditors, a key step to unlocking the second tranche of IMF funding. Ghana turned to the IMF for financial support in 2022 as it grappled with its worst economic crisis in a generation, which came amid spiralling public debt-servicing costs. The second tranche should trigger $550 million in additional World Bank funding, Ghana’s Finance Ministry said last week – $300 million in budget support, which the World Bank confirmed on Thursday, and $250 million for a fund to support financial sector stability.

REUTERS