IMF set to approve $3bn bailout for Ghana in May

Ghana is set to secure final approval for the $3 billion bailout programme from the International Monetary Fund (IMF) in May after tapping the goodwill of the fund and key bilateral creditors to fast track the debt restructuring process, Graphic Online has gathered.

Financial assurance from the bilateral creditors, which is the last hurdle for Ghana, is due later this month, to pave the way for the request to be submitted to the IMF Executive Board for consideration and approval in May.

Two people with deep insights on the talks have told Graphic Online’s Maxwell Akalaare Adombila who is in Washington D.C., USA, covering the World Bank/IMF Spring Meetings.

“Once the request goes before the board, I am pretty sure it will not encounter any challenges and so a deal in early or mid-May is possible,” one source said in Washington D.C., where global leaders on the economy have converged for the IMF/World Bank Spring Meetings.

Already, the Managing Director of the IMF, Kristalina Georgieva, has said that she was optimistic about the fund’s Executive Board granting final approval to Ghana’s request soon.