The International Monetary Fund (IMF) and Ghana have reached a staff-level agreement for a three-year extended credit facility of about $3 billion, the IMF said in a statement on Tuesday.
Ghana approached the IMF in July 2022 to ask for help after economic hardship spurred widespread street protests.
The West African gold, oil and cocoa producer, is battling its worst economic crisis in a generation, with sky-high inflation and spiralling debt despite efforts to address the situation.
“The Ghanaian authorities’ strong reform program aims at restoring macroeconomic stability and debt sustainability while protecting the vulnerable, preserving financial stability, and laying the foundation for strong and inclusive recovery,” the IMF statement said.
