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Ghana extends IMF programme

Ghana will continue to remain under the International Monetary Fund programme for one more year, the Board of the fund has confirmed.

The IMF also approved 94.2 million dollars for Ghana under the fourth review on Wednesday.

This brings the total disbursement under the program to 565.2 million dollars with the remainder being tied to the remaining reviews.

The IMF Board also approved Ghana’s request for waivers for non-observance of performance criteria and modification of one performance criterion.

The announcement by the IMF contradicts the NPP government’s earlier stance that it would not extend the program which was expected to be terminated by the end of 2018. The programme is now set to end in 2019.

Ghana entered into an agreement with the International Monetary Fund for economic assistance in 2015 by the then NDC government.

The deal concluded with a funding support of 918 million dollars to be disbursed under eight tranches.

Some key issues that have dominated the signing of the agreement include the freezing of public sector employment, reducing the budget deficit and zero financing of the budget deficit by the Bank of Ghana.

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