
Audio By Carbonatix
Ghana is seeking better terms for its debt-support program with the International Monetary Fund as the parties discuss an extension of the agreement beyond an April 2018 deadline, according to a person familiar with the matter.
The government will agree to extend the deal in return for a bigger credit facility, said the person, who asked not to be named because the information isn’t public. West Africa’s second-biggest economy will take longer than planned to meet the objective of the program, the Washington-based lender said May 19.
Finance Minister Ken Ofori-Atta didn’t answer calls seeking comment. A spokesman for the IMF didn’t immediately respond to requests for comment by phone and email.
The IMF is reviewing progress on its $918 million extended credit-facility program that it agreed with Ghana in April 2015 after lower prices for the nation’s gold and oil exports caused debt to balloon and the currency to weaken. The government consented to fiscal and monetary reforms, including narrowing the budget deficit that exceeded 10 percent of gross domestic product from 2012 to 2014.
Last year, the fiscal deficit measured 8.7 percent of GDP against an initial target of 5.3 percent after the new government of President Nana Akufo-Addo, who won a December vote against former President John Mahama, discovered $1.6 billion in previously unknown expenses.
Latest Stories
-
Statement: Ghana Chamber of Mines’ Response to Claims in Joe Jackson’s “Ananse Stories about the Economy of Ghana”
52 seconds -
GES opens 2026 teacher recruitment for licensed B.Ed graduates
3 minutes -
Ghana must value skilled trades, build resilient learners — Ibn Chambas
11 minutes -
Ghana must rethink education around relevance, resilience and responsibility — Ibn Chambas
14 minutes -
Prince Harry faces defamation lawsuit from charity he co-founded
16 minutes -
South Korea deploys thermal cameras to track escaped zoo wolf
18 minutes -
Calls for royal meeting with Epstein survivors grow ahead of US visit
21 minutes -
Ibn Chambas advocates blend of technology and human values in education
23 minutes -
UMA improves healthcare access in Asutifi North with GH₵700k ‘Kim Taylor Legacy’ Walkway
27 minutes -
Scholarships Authority and Fanaka University offer sponsorship for procurement and supply chain studies
31 minutes -
Bisa Kdei drops new single ‘Go N Look’ featuring Medikal
37 minutes -
Benin facing rising terrorism in north as French military presence faces growing criticism
38 minutes -
UEW Public Lecture Series 2026: Education debate ‘about the soul of Ghana’s future’ — Dr Ibn Chambas
39 minutes -
EU fingerprint and photo travel rules come into force from today
1 hour -
Anti-LGBTQ+ Bill: Ghanaians demand expedited passage, not dialogue – Ntim Fordjour to Mahama
1 hour