Ghana’s program with the International Monetary Fund (IMF) has been officially extended by one year.
The board of the IMF met today in Washington DC to discuss the terms of the program, which led to the extension getting approved.
The extension will enable the new government to resolve some challenges in economic structure of the country, especially at the Executive level of government and the Bank of Ghana.
In a report by MyJoyOnline.com, the deal is likely to extend until the end of the year 2018.
The report states that even though government was hoping to end Ghana’s program in 2018, the Fund is uncertain that the current economic structural needs can be addressed in the specified amount of time.
However, the report added that Ministry of Finance was informed that the meeting was successful and shed some light on the efforts of both sides, and the new government’s commitment to tackle the challenges facing the economy.
The IMF program was signed under the erstwhile Mahama administration to help government with some $116 million credit facility mainly to improve the country’s import and export activities.
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