Ghana has agreed on a $3 billion credit deal with the International Monetary Fund, the multilateral lender said on Tuesday, as the country battles its worst economic crisis in decades.
The West Africa state is facing more than 40 percent inflation, growing debt and a sharp decline in its cedi currency since the start of the year.
The loan, which would provide funding for three years, is a staff level agreement between the fund and Ghanaian authorities. It must now be approved by IMF management and its executive board. Stéphane Roudet, the IMF’s head of mission to Ghana, said on Tuesday at a press briefing that the board would only approve the loan if Ghana restructures its debt with its private sector and foreign government creditors. Finance minister Ken Ofori-Atta said at the same briefing that Ghana hoped to receive approval by “early next year.”
