$50.4-Million Bank Loan to Support Economic Growth

Ghana obtained approval for a US $50.4-million-loan from the African Development Fund to support its 2000-2002 economic reform programme. The programme's objective to increase GDP growth to 4.5 percent in 2001 and 5.5 percent in 2002 and cut inflation to 17 percent and 5 percent in 2001 and 2002 respectively.

The African Development Bank reported that the loan was equivalent to 5.28 percent of Ghana's total financing needs for 2001, estimated at $945 million.