Ghana to End IMF Credit Facility Deal in 2018

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The President of Ghana, Nana Akufo-Addo, says his government will not extend the country’s Extended Credit Facility deal with the International Monetary Fund, when it expires next year.

He explained that the deal, which was signed by the previous government will be allowed to end within the scheduled date of April 2018, when responding to questions during his maiden encounter with the media in Accra, on Tuesday.

“The programme will be coming to an end next year April with the budget that will be announced in November this year. There is not going to be a question of whether the programme will be extended,” he said.

Ghana in 2015, entered into an agreement with the International Monetary Fund for economic assistance.

The deal concluded with a funding support of US$918 million to be disbursed under eight tranches. Out of which, the IMF has so far provided three disbursements to Ghana.
Some of the key issues that have dominated the signing of the agreement include the freezing of public sector employment, reducing the budget deficit, zero financing of the budget deficit by the Bank of Ghana.

Up until the President’s encounter with the media, there have been various comments whether or not the NPP government will extend the IMF deal agreed upon by the former NDC government.

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