Tuesday, June 30, 2015

Ghana on course to secure fresh IMF aid under deal

Ghana is likely to clear the first review of its $918 million programme with the International Monetary Fund and secure a fresh disbursement of funds aimed at stabilising its economy, sources close to the deal said on Monday.

The $115 million due in August is vital to shore up Ghana's currency, which has fallen to record lows, and to convince investors who say they have lost faith in the short-term prospects of an economy that until recently was one of the fastest-growing in Africa.

The IMF is due to announce on Tuesday the results of its review of the deal, signed in April, based on a two-week mission to the capital. Ghana received $114.8 million in balance of payments support in the first tranche of the programme.

"Ghana has made progress with specific benchmarks, especially on the fiscal side. Generally, the commitment is there and things are on track," said one source who declined to be identified.

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