Ghana’s chances of securing a $3 billion International Monetary Fund (IMF) loan is said to have received a boost as its official creditors prepare to grant financing assurances and form a committee.
According to a report by Reuters, the committee will be co-chaired by France and China as bilateral lenders are expected to officially grant financing assurances as soon as Friday.
This will pave the way for talks for Ghana to receive the much-needed relief toward debt sustainability.
One source said the IMF executive board could approve the $3 billion loan by next week if assurances are given.
In a news briefing on Thursday, IMF spokesperson Julie Kozack said the Fund is hopeful its executive board can quickly consider the Ghana program once enough official bilateral creditor assurances have been secured.
"We have seen strong progress toward creditors delivering on these financing assurances and we're hopeful that they can be delivered very rapidly," Kozack said.
Earlier in April, Finance Minister, Ken Ofori-Atta revealed that Ghana was likely to receive the International Monetary Fund’s (IMF) Board approval for a $3 billion bailout by the close of May 2023.
As Ghana struggles through its economic crisis, defaulting on its debt in December and completing a debt restructuring in February, the IMF bailout is expected to ease her economic burdens.
Ghana is also in talks to rework $14.6 billion of debt to private overseas creditors.
Latest Stories
-
Ghana’s Antoine Semenyo fires Bournemouth to victory against Wolves
46 mins -
Everton 2-0 Liverpool: Everton apply final blow to Liverpool title challenge
54 mins -
Akufo-Addo nominates Felicia Attipoe as Tema West MCE
56 mins -
Today’s front pages: Thursday, April 25, 2024
1 hour -
We’ll not engage in opaque and obscure deals when elected – Prof Opoku-Agyemang
2 hours -
Energy and Finance Ministries must provide funding to fix energy challenges – IES
2 hours -
Reintroduce Fiscal Responsibility Act to tackle election budget overrun – Osafo Marfo
2 hours -
Prioritise transparency, avoid suppressing the truth – Opoku-Agyemang advises EC
2 hours -
In times of setbacks, I won’t say I was only the driver’s mate – Naana Jane assures Mahama
2 hours -
Joselyn Dumas opens up on why single mothers struggle to find partners
2 hours -
Three damaged ECG pylons result in power outage for 9 Shama communities
2 hours -
Dual citizens eligible for Chief Justice, Chief Director, other positions – Supreme Court rules
3 hours -
SIGA urges increased financial support for SOEs
3 hours -
Akufo-Addo vows to enhance Ghana’s power supply
3 hours -
19 steps for getting over even the most devastating breakup fast
6 hours