Ghana expects to secure a $3 billion loan facility from the International Monetary Fund (IMF) by next year, Finance Minister Ken Ofori-Atta said on Tuesday.
The West African nation is in serious economic crisis and urgently needs IMF bailout after earlier asserting it won’t turn to the fund for support.
It would be the 17th time Ghana is seeking an IMF bailout amid soaring inflation spurring widespread street protests.
IMF board approval of the proposed three-year loan is expected “early next year”, Ofori-Atta told reporters.
“We pray that this will be the last (support needed). That is why the programme will be that strong,” he said.
Ofori-Atta said the government is ready to complete actions required by the fund before the end of January.
Spending cuts and more measures to boost government revenue would take place but the minister said they won’t be enough to address Ghana’s economic challenges and national debt.
External debt-restructuring discussions are ongoing following a restructuring of domestic debts which has sparked agitations.