U.S.$3 Billion IMF Bailout Must Be Ghana’s Last, Mahama Declares
President John Mahama has said the country must avoid repeatedly going "cap in hand" to seek external financial assistance. He said while the Ghanaian economy is currently expanding, sustained efforts are required to maintain this momentum following the conclusion of a three-year Extended Credit Facility program with the International Monetary Fund (IMF).
The country has wrapped up the $3 billion IMF bailout program, which was launched to stabilize the economy after it was hit by severe inflation and a depreciating cedi.
InFocus
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Ghana has, as part of its Extended Credit Facility programme with the International Monetary Fund (IMF), reached an agreement with its Official Creditors under the G20 Common Framework, writes Kingsley Asare for Ghanaian Times.
This paves the way for the IMF Executive Board to approve the first review of the Fund-supported programme to allow for the second tranche of IMF financing of US$600 million to be disbursed under the three-year U.S.$3 billion deal.
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The clinching of the U.S.$3 billion Extended Credit Facility with the International Monetary Fund will help bring Ghana back on the path of growth, macroeconomic stability and debt sustainability, Finance Minister Ken Ofori-Atta has said. Ghana received a U.S.$600 million tranche as part of the U.S.$3 billion IMF loan.
The IMF's bailout has been subject to the Ghanaian government getting its
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The government has announced that it would approach the International Monetary Fund (IMF) for a bailout and the IMF's Country Representative, Dr Albert Touna-Mama, has confirmed receipt of the request to support the country's economic programme.
Meanwhile, Arise Ghana protestors embarked on the second day of the 'Krom Ay3shi' demonstration to express their grievances about the harsh
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President John Mahama (file photo).
