The International Monetary Fund (IMF) has told Citi Business News that the final tranche of the 925 million dollar Extended Credit Facility will be paid to government on March 29 2019.
The IMF officially ended the Extended Credit Program for Ghana on March 20, two weeks earlier than the April 2019 deadline.
According to the fund, the early conclusion of the programme was because the IMF’s Executive board approved the monitoring team’s final review report immediately it was published.
The Board therefore approved for the disbursement of about US$185.2 million to Ghana.
The Board also approved a waiver of the nonobservance of a few program targets.
The IMF approved Ghana’s request for a three-year financial arrangement on April 3, 2015 which totaled about US$925.9 million.
Ghana’s debt level at that time was unsustainable.
That arrangement was extended for additional year on August 30, 2017.
The IMF programme was to restore debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation, while protecting social spending.
“The Ghanaian story, as the market likes to call it is a good one. There are really a lot of prospects to look up to. The results that have been shown and the important reforms that have been put in place in the last months are important building blocks going forward,” Country Manager for the IMF, Touna Mama told Citi Business News in an exclusive interview.
He said Ghana is in a much better state.
Touna Mama said “there are other elements. If you look at the Eurobond issued, that story seems to be shared by investors as well. They seems to be excited about the prospects for Ghana as well”.
Leave a Reply