Ghana and the International Monetary Fund (IMF) announced on Friday that they had reached an agreement on the final review of the $3 billion aid program granted to the West African country to help it overcome its worst economic crisis in decades.
The agreement, reached at the technical team level, must now be submitted to the IMF's Executive Board for approval, the institution said in a statement published on its website. This approval would represent a major step for the Ghanaian government in its economic recovery process.
The financial support program was put in place as Ghana faced runaway inflation, a sharp depreciation of its currency, and a surge in public debt. The country was also grappling with a crisis of investor confidence and significant fiscal difficulties.
With IMF support, Ghanaian authorities have undertaken several economic reforms aimed at stabilizing public finances, restructuring debt, and restoring growth. The program included fiscal austerity measures and close monitoring of government spending.
The Ghanaian government now hopes to consolidate the progress made and sustainably regain the confidence of international markets. However, the country's economy remains vulnerable to fluctuations in global commodity prices and international economic tensions.
This latest revision of the program is seen as a positive sign for Ghana, which is trying to turn the page on a crisis that severely affected household purchasing power and economic activity throughout the country.
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