IMF and Ghana Seal Third Review Deal on $3 Billion Loan Program

Ghana and the IMF have finalized the third review of a $3 billion loan program. With a satisfactory performance, Ghana is nearing completion of debt restructuring under the G20 Common Framework. Approval could grant Ghana access to $360 million in financing after executive board review.

The International Monetary Fund (IMF) and the authorities in Ghana have reached a significant milestone with the agreement on the third review of the West African nation's $3 billion loan program. This development was announced by the IMF in a recent statement.

Ghana, known for its gold and cocoa production, is close to completing a debt restructuring process under the G20's Common Framework initiative. This follows a default on most of its $30 billion international debt in 2022. The IMF commended Ghana's performance under the program as generally satisfactory.

Upon the executive board's review, which has yet to be scheduled, Ghana may gain access to $360 million in new financing. This will be a critical step in the country's economic recovery efforts.

(With inputs from agencies.)