The United States government says it will support Ghana's application for an economic bailout with the International Monetary Fund at the Board level, suggesting that the austerity plan is the most feasible way out for Ghana’s economic recession.

Ghana’s economy is currently experiencing soaring levels of inflation and its associated spikes in cost of living.

In the wake of the dwindling level of the country’s foreign reserve, the Finance Ministry is currently rolling out a debt exchange programme as part of moves to save the economy from collapsing.

 JoyNews Sources have revealed the Fund (IMF) and Ghana are expected to reach a staff-level agreement on the loan deal by Tuesday.

A board-level approval remains the only hurdle for Ghana to access the much-needed $3 billion from the Bretton Woods institution.

Speaking on how the US government intends to cooperate with Ghana on moving its economy out of the prevailing crisis, American Ambassador to Ghana, Virginia Palmer told Joy News’ Blessed Sogah that “the current economic crisis requires IMF assistance. That’s why those international Financial Institutions were created."

"So we’ve urged the government of Ghana to negotiate with the IMF with urgency and then as a Board member, we’ll support those programmes. Further to that, we work with Ghanaian businesses and the Ghanaian government to strengthen the business environment so that Ghana lives up to its international reputation.”

The United States remains the country with the Highest Special Drawing Rights of about $118 billion

Meanwhile, Ghana is expected to reach a staff-level agreement with the International Monetary Fund by Tuesday, December 13, 2022.

According to Reuters, though the Fund has not responded for comment, three sources with knowledge of the ongoing talks have confirmed.

A Staff-Level agreement will pave way for the Board of the Fund to negotiate and probably approve a programme for the country.

In recent days, the cedi has been improving in value against the US dollar, indicating that a deal between Ghana and the Fund could be reached soon.