Ghana Lawmakers pass bills to access IMF loans
Ghana is awaiting the decision of an official creditor committee on its request for debt relief.
A favorable outcome in the form of financing assurances will open the door for IMF’s board to approve a $3 billion loan for the West African nation, which is in the process of restructuring almost all of its debt, that stood at 576 billion cedis at the end of November.
Before then, however, Ghana is taking steps to help boost its tax base and lift it from among the lowest in sub-Saharan Africa. The country’s tax-to-GDP ratio in 2022 was less than 13% compared with the 18% average for the sub-region, according to the finance ministry.