Ghana secures Financing Assurances from Paris Club; IMF deal now imminent

Ghana’s external creditors have finally reached an agreement on Financing Assurances for the country, Modernghana News can report.

This is expected to pave the way for a board-level agreement from the International Monetary Fund (IMF) for the $3 billion credit facility for Ghana.

In a post on Twitter confirming that the Paris Club has granted Financing Assurances for the country, the Ministry of Finance said it is grateful to all bilateral partners for the role played in making this possible.

“The Paris Club has today established the OCC (co-chaired by China & France). With the granting of Financing Assurances, Ghana is now ready to go to the IMF Board. Thank you to all our bilateral partners for helping us reach this significant milestone! #ResolvingTogether,” part of a post on the Twitter page of the Ministry of Finance said.

This comes as good news for the government and the entire country as it will help in the revival of the Ghanaian economy.

Since last year, the country has been faced with an economic crisis that has worsened Ghanaians with harsh living conditions.

With the country unable to service its debt, securing Financing Assurances from external creditors for the IMF bailout is going to be crucial in the bid to revive the economy.