IMF Board Ready To Approve $600 Million Loan For Ghana

The International Monetary Fund (IMF) executive board is due to meet on Friday to approve a $600-million rescue loan payout to Ghana, three sources told Reuters, after the country reached a deal to restructure $5.4-billion of official creditor debt.

The board date is expected to be published in the IMF’s public calendar on Tuesday, one of the sources said. All the sources requested anonymity to speak on sensitive matters.

Ghana struck a deal with its bilateral lenders, including China and France, late last week, a key step to unlocking the second tranche of IMF funding under a $3-billion bailout.

Ghana’s finance ministry and the IMF did not immediately reply to a request for comment.

IMF Managing Director Kristalina Georgieva welcomed the debt deal agreement on Friday, saying it clears the path for the executive board’s first review of Ghana’s programme.

A sign off by the board is usually seen as a formality once a date has been agreed.

The West African country defaulted on most external debt in December 2022 after servicing costs soared.