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No Magic Wand, But Ghana Receives First Tranche of IMF Bailout

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 public debt down to more manageable levels and also needed the buy-in from bond holders.

In December 2022, the Ghanaian government formally launched the country's domestic exchange programme as part of measures to restructure and bring the country's debt portfolio to sustainable levels, with a call on citizens to support the rollout.

A top cocoa and gold producer, Ghana also has oil and gas reserves, but its debt soared in 2022, and like the rest of sub-Saharan Africa it has been hit by the fallout from the Covid-19 pandemic and the war between Russia and the Ukraine.

InFocus

Muntaka Chasant/Wikimedia Commons

Capital Accra (file photo).

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