An International Monetary Fund (IMF) loan of $3 billion has been approved for Ghana.
The aim of the loan is to act as a bailout for Ghana’s embattled economy. Although it was seen as a developmental star in Africa since the end of the Cold War, in recent years Ghana has faced one of its worst economic crises, with high inflation, growing debt, and a weak currency – the cedi. At the end of 2022, year-on-year inflation was over 50%.
The loan was approved on Wednesday in Washington DC, according to the Ghanaian government.