The Executive Board of the IMF has completed its eight (8th) and final review of the ECF and this allowed the country to be entitled to the stated amount of money to shore up its economy.
Ghana went to the IMF for support in 2015 to seek support of the ECF to support efforts to restore debt sustainability and foster high growth and job creation, among others.
Ghana also announced its exit from the IMF programme in April 2018, following a successful implementation of the fiscal discipline programme that brought the economy into a good shape.
The Daily Graphic reports that the Deputy Managing Director of IMF and Chair of Ghana’s Review Programme, Mr. Zao Zhang, has warned against the country’s over reliance on foreign investors, adding that it exposed it to exchange risk.
He noted the country is currently at a high risk of escalating its external debts, following a $3-billion Eurobond floating on domestic market.