IMF and Ghana reach Staff-Level Agreement on second review of Credit Facility for potential release of $360m

The International Monetary Fund (IMF) has reached a staff-level agreement with Ghana on the second review of the 36-month Extended Credit Facility with the country, pending approval from the Executive Board of the Fund.

In a press statement issued by the IMF and obtained by Ghana Business News, it says based on the preliminary findings of the staff, a report will be prepared, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

If approved by the IMF Management and formally completed by the IMF Executive Board, Ghana will then be able to access about $360 million in financing.

The approval of this tranche for Ghana would bring the total of financing accessed under the $3 billion IMF facility to about $1.5 billion.

By Emmanuel K Dogbevi