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Ghana’s loan program request to go to the IMF executive committee at the end of March: President – GlobalOUS News

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ACCRA: Ghana is waiting for the IMF staff to present the executive committee of the organization with Ghana’s request for the loan program by the end of the month, President Nana Akufo-Addo said on Wednesday after months of detailed discussions.

The West African nation, struggling with its worst economic crisis in a generation, secured a working-level agreement with the IMF in December for a $3 billion loan, but approval of the money was contingent on restructuring its debt. 575.7 billion cedis ($47.6 billion).

Akufo-Addo said during his annual address to the country “We are on the way for the IMF staff to present to Ghana’s program request of the IMF executive board a 3 billion US dollars.

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Akufo-Addo also said that while he is concerned about the extraordinary expenditure on security at the country’s borders, Ghana has no choice but to spend resources to keep its borders safe.

Ghana borders Burkina Faso, where Islamist extremist groups have been attacking many civilian and military targets, causing death and displacement and exacerbating the food insecurity crisis.