Sources say Ghana's official creditors are close to granting financial assurance to enable the West African country obtain a credit facility worth $3 billion from the International Monetary Fund (IMF).

Reports from Reuters indicate that a committee which will be co-chaired by France and China as bilateral lenders are expected to officially grant financing assurances as soon as Friday.

It is reported that Ghana's request for a credit facility might be approved next week should headway be made.

In a news briefing on Thursday, IMF spokesperson Julie Kozack said the Fund is hopeful its executive board can quickly consider the Ghana program once enough official bilateral creditor assurances have been secured.

“We have seen strong progress toward creditors delivering on these financing assurances and we’re hopeful that they can be delivered very rapidly,” Kozack said.

Earlier in April, Finance Minister, Ken Ofori-Atta revealed that Ghana was likely to receive the International Monetary Fund’s (IMF) Board approval for a $3 billion bailout by the close of May 2023.

As Ghana struggles through its economic crisis, defaulting on its debt in December and completing a debt restructuring in February, the IMF bailout is expected to ease her economic burdens.

Ghana is also in talks to rework $14.6 billion of debt to private overseas creditors.