Ghana is prepared to reach every IMF objective thanks to a $3 billion bailout, according to Ken Ofori-Atta

The West African country is grappling with a catastrophic economic crisis that includes average price increases of 41% over the last year, excessive debt, and a steep drop in its credit currency; protestors have called for President Nana Akufo-Addo’s ouster.

The multisport event was postponed from August 2023 to March 8–23, 2024 as a result of the circumstance, which also caused a delay in the African Games in Accra, which Ghana was scheduled to host for the first time.

Despite the hiccups, the Accra African Para Games are still slated to go from September 3 to 12.

In light of the economic crisis, the IMF has authorised a $3 billion credit plan over three years for Ghana, including an urgent $600 million (£482 million/€554 million).

The initiative intends to promote private investment and growth while requiring fundamental improvements in tax policy, revenue administration, and public financial management.

The government of Ghana will probably need to boost revenue and decrease spending, which might result in more taxes and higher prices for necessities like petrol and water.

The Ghanaian government announced the transfer of funding to finish African Games projects, including the modernization of the University of Ghana Stadium and the Borteyman Sports Complex, after reaching a staff-level agreement for the $3 billion loans with the IMF in December.

The IMF managing director Kristalina Georgieva stated that there would be “programmes to safeguard vulnerable households and, in the medium term, provide way for larger social and development spending” in response to critics’ concerns about how the bailout’s requirements would affect Ghanaians.

Ofori-Atta praised the IMF package’s acceptance.

Ofori-Atta applauded the IMF package’s ratification.

“The acceptance of Ghana is not a panacea, but it is an important first step in the essential process of tough reforms, inclusive development, and tireless pursuit of a growth plan intended to rebuild our economy and bring it back to a position of strength, prosperity, and resilience,” he said.

“There is no question that the impacts of the global financial crisis have taken a heavy economic toll on our population.

We are really appreciative of everyone in Ghana’s patience after the Domestic Debt Exchange Programme, which was a challenging but ultimately important endeavour.