Government has agreed a three-year programme with the International Monetary Fund (IMF) worth $940 million dollars aimed at overcoming the country’s economic challenges, supporting stronger economic growth and lower inflation.
The deal follows months of negotiations after government announced in August last year that it would seek assistance from the IMF.
Mr John Dramani Mahama, President of Ghana, has assured the public that cabinet has approved supplementary measures to make adjustment to the 2015 budget due to the dramatic decline in crude oil prices.
He said this when he was delivering the state of the nations address at parliament on Thursday noting that Ghana stands to lose about seven hundred million dollars from oil exports if the price remains at current levels.
President Mahama said to achieve policy certainty and attain broad support for the Home Grown Economic Policies of Ghana an open discussion was held in August 2014 with the International Monetary Fund (IMF) for a three year Extended Credited Facility programme.