The International Monetary Fund (IMF) and the Ghanaian government have reached a staff-level agreement on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion.
The strong reform program implemented by the authorities, in accordance with the IMF, is intended to build the groundwork for a robust and inclusive recovery while reestablishing macroeconomic stability and debt sustainability.
The IMF said to support the objective of restoring public debt sustainability, the Ghanaian authorities have launched a comprehensive debt operation.
In addition to a front-loaded fiscal consolidation and measures to reduce inflation and rebuild external buffers, the program envisages wide-ranging reforms to address structural weaknesses and enhance resilience to shocks.
