Despite obtaining a staff-level agreement with the government for a $3 billion extended credit facility, the International Monetary Fund (IMF) says its Management and Executive Board will still have to approve it.
According to Stéphane Roudet, the Mission Chief for Ghana, the three-year deal is also contingent upon Ghana's partners and creditors providing the required financing assurances.
On Tuesday, December 13, Mr. Roudet announced the agreement's specifics in Accra and stated that Ghanaian authorities have committed to a comprehensive economic reform program post-Covid and have promised to address the country's pressing economic issues.
Restoring public debt sustainability is one of the most important issues to address, and the government has already proposed a debt restructuring program, according to the IMF.
According to Mr. Roudet, "the authorities have announced a comprehensive debt restructuring to support the objective of restoring public debt sustainability.
"The proposed Fund-supported program cannot be presented to the IMF Executive Board for approval until sufficient assurances and progress on this front have been made," the IMF stated.
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