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IMF Executive Board Approves Ghana’s $3billion Bailout

Ghana has secured the long awaited $3billion financial support from the International Monetary Fund (IMF), deep throat sources have confirmed to Graphic Business.

At a meeting today [May 17, 2023] in Washington, the Executive Board of the IMF unanimously approved Ghana’s programme over the next three years.

Graphic Business sources in Washington have said finishing touches are being made to sign off the deal and that a press release confirming the details will be released in a few hours.

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Meanwhile, the IMF has announced that a virtual press conference will be held on Thursday, [May 18], to provide journalists with insights into the outcomes of the Executive Board meeting concerning Ghana’s request for an Extended Credit Facility (ECF) Arrangement.

The press briefing will feature key participants including Stephane Roudet, the IMF Mission Chief for Ghana; Ken Ofori-Atta, Ghana’s Minister of Finance; Ernest Addison, Governor of the Bank of Ghana; and Tatiana Mossot, Senior Communications Officer at the IMF.

The highly anticipated press conference aims to provide clarity on the discussions held during the IMF Executive Board meeting and the decisions made regarding Ghana’s request for an Extended Credit Facility Arrangement. The virtual format, conducted via Zoom, will enable journalists and stakeholders to engage with the panel of experts and gain a deeper understanding of the IMF’s perspective on Ghana’s economic situation and the proposed assistance.

Ghana’s Minister of Finance, Ken Ofori-Atta, and Governor Ernest Addison will likely share insights into the country’s economic challenges, reform efforts, and the potential impact of the Extended Credit Facility Arrangement on Ghana’s financial stability and economic growth prospects.

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Stephane Roudet, the IMF Mission Chief for Ghana, will provide an expert analysis of the country’s economic performance, outlining the conditions and policy measures associated with the Extended Credit Facility Arrangement.

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