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Business News of Wednesday, 28 September 2016

Source: Myjoyonline.com

IMF board approves $116m for Ghana

The Executive Board of the International Monetary Funds (IMF) has approved the disbursement of some $116 million to Ghana.

This was after the board completed the third Extended Credit Facility review on Ghana in Washington DC today.

This will pave the way for some $116 million to be transferred to Bank of Ghana's account within the next 10 days.

The funds are expected to support the Ghana's balance of payment.

Sources say the approval was influenced by some undertaking by government that it will work to address concerns identified during the third review by the IMF staff.

Some of the issues include, the Amended Bank of Ghana Act, Government fiscal data for last year, restructuring of State Owed Organization's debts and dealing with some troubled banks in the country.

But a source close to government says the approval shows that it is on track with programs being implemented to stabilize the economy.