“The Executive Board of the International Monetary Fund (IMF) today approved a three-year arrangement under the Extended Credit Facility (ECF) for Ghana in an amount equivalent to SDR 664.20 million (180 percent of quota or about US$918 million) in support of the authorities’ medium-term economic reform program,” the IMF said in a press statement issued on Friday.

The IMF board has approved Ghana’s request for a bailout programme to help stabilize the country’s economy.

Ghana is expected to get 918 million dollars spread over three years following the board’s approval.

“The Executive Board of the International Monetary Fund (IMF) today approved a three-year arrangement under the Extended Credit Facility (ECF) for Ghana in an amount equivalent to SDR 664.20 million (180 percent of quota or about US$918 million) in support of the authorities’ medium-term economic reform program,” the IMF said in a press statement issued on Friday.

This will result in about 300 million dollars being advanced to Ghana every year.

The first disbursement of about 100 million dollars is expected to hit the Bank of Ghana’s accounts in the coming weeks.

“The program aims to restore debt sustainability and macroeconomic stability to foster a return to high growth and job creation, while protecting social spending. The Executive Board’s decision will enable an immediate disbursement of SDR 83.025 million (about US$114.8 million),” the statement noted.

Credit: Myjoyonline/citifmonline.com