The International Monetary Fund (IMF) has welcomed Ghana’s agreement with its Official Creditors.

This move paves the way for the IMF to review Ghana’s extended debt facility in a bid to disburse the next tranche of the $3 billion facility.

In a statement issued after the announcement by Ghana’s Finance Ministry, Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund, said: “I welcome Minister of Finance Ofori-Atta’s announcement that the Ghanaian authorities have reached an agreement in principle with their official creditors on a debt treatment, consistent with the objectives of the IMF-supported program, which aims to restore macroeconomic stability and debt sustainability, build resilience, and lay the foundations for stronger and more inclusive growth.”

“I want to thank the Official Creditor Committee, especially the co-chairs, China and France, for all their work to reach this agreement. This is another substantial milestone for the G20 Common Framework under which G20 creditors joined forces to agree on debt relief for Ghana.

“This agreement clears the path for IMF Executive Board consideration of the first review of Ghana’s three-year Extended Credit Facility Arrangement in the next few days. I look forward to continuing our fruitful collaboration with Ghana.”