IMF approves $3 billion for Ghana
Governor welcomes conditions, including cutting inflation and ending monetary financing
The International Monetary Fund approved a $3 billion, three-year loan package for Ghana on May 17, after nearly a year of negotiations.
The IMF will release about $600 million to Ghana immediately. The loan comes as the country faces interlocking fiscal, currency, reserves and inflation crises, with the cedi falling almost against the dollar over the past year.
The package imposes tough conditions on the central bank, requiring it to cut inflation, end monetary financing and rebuild foreign
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