The International Monetary Fund (IMF) has reached a deal with the government of Ghana to provide a $3 billion economic support program. This comes as Ghana struggles with high public debt and a deteriorating fiscal situation.
The IMF program, which will last for three years, aims to help Ghana restore fiscal stability and address structural weaknesses in its economy. The program will also support the government’s efforts to improve the business environment and promote private sector-led growth.
Under the deal, Ghana will implement a number of economic reforms, including measures to improve tax collection, reduce the public wage bill, and improve the management of public finances. The government will also undertake measures to strengthen the financial sector and enhance the transparency and accountability of public institutions.
The IMF has praised the government’s commitment to implementing the necessary reforms and has expressed confidence that the program will help Ghana overcome its current economic challenges. The fund has also urged the government to continue its efforts to promote inclusive growth and reduce poverty in the country.
The $3 billion IMF program comes as a welcome relief for Ghana, which has been grappling with high levels of public debt and a deteriorating fiscal situation. The support from the IMF will help the government implement crucial economic reforms and restore fiscal stability, laying the foundation for long-term growth and development.