Ghana has gained assurances from its Official Creditors, paving the way for a second tranche US$600 million loan from the International Monetary Fund (IMF).
This comes after the government reached an agreement with the Official Creditors under the G20 Common Framework on a comprehensive debt treatment beyond the Debt Service Suspension Initiative.
Announcing the development in a press statement Friday evening, the Finance Ministry said the agreement “constitutes a significant positive step towards restoring Ghana’s long-term debt sustainability”.
“Today’s agreement with Official Creditors will support ongoing engagements with Ghana’s commercial creditors, including bondholders,” the statement noted.
The statement reiterated the government’s commitment to reaching an agreement with its commercial creditors as soon as possible.
It expressed appreciation to all stakeholders for the feat chalked.
The statement indicated the government’s confidence of the US$600m providing more financial resources for the country’s healthcare, education, and infrastructure development.
“This agreement clears the path for IMF Executive Board consideration of the first review of Ghana’s three-year Extended Credit Facility Arrangement in the next few days,” said Ms Kristalina Georgieva, Managing Director, IMF.
“I look forward to continuing our fruitful collaboration with Ghana,” the IMF MD said in a statement.
Earlier, Ms Julie Kovack, Director, Communications Department, IMF, pledged that the IMF Staff Mission stood ready to “rapidly” present Ghana’s first programme review before the Board once agreement was reached between Ghanaian Authorities and Official Creditors.
She said that in response to a question by the Ghana News Agency during a press briefing on Thursday.
Source: GNA
