IMF executive board approves Ghana $3 bln loan facility

The International Monetary Fund's executive board on Wednesday approved a $3 billion, three-year extended credit facility for Ghana, the fund said, as the West African country tries to overcome its worst economic crisis in a generation. The decision enables an immediate disbursement of about $600 million to the Ghanaian government, the IMF said in a statement.

It said securing timely debt restructuring agreements with external creditors would be essential for the successful implementation of the new Extended Credit Facility (ECF) arrangement.