The International Monetary Fund (IMF) Board would approve Ghana’s $940 million facility April 3, 2015, Seth Terkper, Ghana’s Minister of Finance has told ghanabusinessnews.com in an interview at the ongoing 2015 Conference of Ministers.
On February 26, 2015, the IMF announced that it reached a staff-level agreement with Ghana a three-year Extended Credit Facility (ECF) of $940 million, which intended to provide financing, policy direction and monitoring and addresses Ghana’s key credit weakness through prioritising fiscal consolidation, raising revenue and improving Central Bank credibility.
The IMF indicated that the Board approval would be announced in early April without stating the exact date.
The Minister however, has told ghanabusinessnews.com, that April 3, has been set for the approval.
It is believed that commitment to the programme should result in a recovery of donor inflows, foreign investment in the domestic bond market and reduce domestic funding costs over time.
By Emmanuel K. Dogbevi, in Addis Ababa, Ethiopia