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Ghana-IMF Reach Staff Level Deal, Inching Towards $360mn Funding
October 7, 2024
Ghana and the IMF have reached a staff-level deal, inching closer to another $360mn in funding by the latter, after the latest review. A final decision on the disbursement will be taken by the IMF executive board by early December. If it goes as planned, Ghana’s overall funding from the IMF should increase from $1.56bn to $1.92bn, ever since agreeing to an overall $3bn bailout from the fund in May 2023. The latest update comes after nearly all of Ghana’s dollar bondholders agreed to its debt exchange. Once the IMF’s funding comes through, officials are expecting it to help boost Ghana’s dollar reserves and defend its currency too, which has fallen 24% against the dollar.
Ghana’s dollar bonds traded stable, with its 7.75% 2029s at 53.1 cents on the dollar, yielding 24.1%.
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