The International Monetary Fund (IMF) has approved a three billion dollars loan program for Ghana to help the country overcome its worst economic crisis in decades.
The three-year program includes an immediate disbursement of 600 million dollars, but will only be successful if Ghana is able to restructure its debt agreements with external creditors in a timely manner.
The IMF hopes that the loan will help Ghana secure additional external financing from development partners and provide a framework for completing the country's debt restructuring.
IMF Managing Director Kristalina Georgieva praised Ghana's reform program aimed at reducing its debt burden and revitalizing economic growth. The commitment of official bilateral creditors to make Ghana's debt sustainable is seen as a positive step towards the G20 common framework for relieving the debt burden of developing countries.
