The Ministry of Finance has revealed that Ghana has met the necessary requirements to obtain a bail out from the International Monetary Fund (IMF) Board.
The Paris Club and China last week announced that it would financing assurances to allow Ghana receive the facility.
The Finance Ministry took to Twitter to announce the good news.
“The Paris Club has today established the OCC (co-chaired by China & France). With the granting of Financing Assurances, Ghana is now ready to go to the IMF Board,” the Ministry wrote.
The Finance Ministry further expressed appreciation to its bilateral partners for helping Ghana reach this “significant milestone!”
Ghana struggled to get IMF Board approval despite getting a Staff-Level Agreement in place since late last December.
A domestic debt restructuring deal dragged on for months before the external restructuring also experienced challenges.