IMF Executive Board Greenlights Ghana’s $3 Billion Bailout .

According to undisclosed sources, Ghana has reportedly secured the much-anticipated financial support of $3 billion from the International Monetary Fund (IMF), as confirmed by the Executive Board of the IMF at a meeting in Washington on May 17, 2023. While the finalization of the deal is underway and an official press release is expected shortly, the IMF has announced plans to hold a virtual press conference on May 18. The press briefing will involve key participants such as Stephane Roudet, the IMF Mission Chief for Ghana, Ken Ofori-Atta, Ghana’s Minister of Finance, Ernest Addison, Governor of the Bank of Ghana, and Tatiana Mossot, Senior Communications Officer at the IMF. This highly anticipated event aims to shed light on the discussions held during the IMF Executive Board meeting and provide insights into Ghana’s request for an Extended Credit Facility (ECF) Arrangement. The virtual format will enable journalists and stakeholders to interact with the panel of experts, gaining a comprehensive understanding of the IMF’s viewpoint on Ghana’s economic situation and the proposed assistance. It is expected that Minister of Finance Ken Ofori-Atta and Governor Ernest Addison will share details about Ghana’s economic challenges, reform initiatives, and the potential impact of the Extended Credit Facility Arrangement on the nation’s financial stability and economic growth prospects. Additionally, Stephane Roudet, the IMF Mission Chief for Ghana, will offer expert analysis on Ghana’s economic performance and outline the conditions and policy measures associated with the Extended Credit Facility Arrangement.