The International Monetary Fund (IMF) has approved the third review of Ghana's $3 billion lending programme, unlocking an immediate disbursement of about $360 million, the country's finance minister, Mohammed Amin Adam, said on Monday.
The West African gold and cocoa producer has been recovering from the impact of its 2022 debt default and is set to hold a presidential and parliamentary election on December 7.
"With three successful IMF reviews in a row, it shows the determination of the government to turn the economy to winning ways.
We have demonstrated uncharacteristic discipline in fiscal management," Amin told Reuters. "We appreciate the enormous work we still have to do, and we will do everything for the benefit of our people," he added.
Debt restructuring
The IMF board approved Ghana's current lending programme in May of last year, and the arrangement expires in 2026.
Ghana's debt restructuring is expected to lower its debt owed to bondholders by $4.7 billion and provide cash flow relief worth $4.4 billion during the period of the IMF programme.
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