JOHANNESBURG: Ghanaian authorities plan to establish a memorandum of understanding with official creditors prior to the initial review of the IMF program. This review is anticipated to be presented to the IMF board in November, and its approval would result in a disbursement of $600 million.

The executive board of the IMF has granted approval for a $3 billion, three-year bailout loan, potentially offering Ghana a way out of its severe economic crisis.

During a press conference, Ghana's Finance Minister Ken Ofori-Atta, together with IMF Mission Chief Stephane Roudet, stated that there was no urgency to return to the international financial markets.

Ofori-Atta emphasized the importance of managing expenditure and increasing revenue to improve Ghana's credit ratings and attract foreign investors.

The IMF revealed that Ghana aims to secure $10.5 billion of external debt service relief from 2023 to 2026, indicating the potential impact on investors during the upcoming debt restructuring.