The Executive Board of the International Monetary Fund (IMF) has approved the $3 billion loan request of Ghana.
The approval comes with an immediate disbursement of about $600 million to the account of the Bank of Ghana.
The approval from the Executive Board was granted on Wednesday, May 17, 2023, at a meeting in Washington, DC. The news reaching us on Family Radio is that the IMF Executive Board unanimously approved the country’s program over the next three years.
The deal is a three-year extended credit facility to support the country’s economic recovery. The rest of the money is expected to be paid out in tranches every six months after the review of the program.