2023-11-09 18:11:30
Ghana has signed a $102.6 million grant agreement with the African Development Bank (AfDB) to support its fiscal consolidation and economic recovery programme, the finance ministry announced on Thursday.
The West African country, which produces gold, cocoa and oil, is in talks with bilateral and commercial creditors to restructure its debts during its worst economic crisis in a generation.
Ghana has been locked out of international capital markets as it grapples with rising domestic debt costs.
“The program will facilitate the government’s economic recovery reforms by improving public finances, increasing productivity and creating jobs,” AfDB representative Eyerusalem Fasika said in a statement.
The program complements the ongoing expanded credit facility with the International Monetary Fund, Fasika added. (Reporting by Christian Akorlie and Maxwell Akalaare Adombila; Editing by Anait Miridzhanian; Editing by Mark Heinrich and Jan Harvey)
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