World Economy

EU to Support Ghana Budget

EU to Support Ghana BudgetEU to Support Ghana Budget

The European Union is to release €161.38 million ($181.71 million) of budget support to the government of Ghana “in the coming weeks.” According to the EU ambassador to Ghana, William Hanna, the decision to resume budget support disbursements to Ghana follows the West African country’s resolve to implement a three-year extended credit facility program with the IMF, GhanaWeb reported. The IMF program is aimed at addressing  macroeconomic imbalances that made it impossible for the European Commission “to disburse budget support to Ghana at the end of 2013.” “I am therefore pleased to announce the decision by the European Commission to resume budget support disbursements to Ghana. It added: “The EU stands ready to support Ghana in pursuing its development agenda and particularly in the implementation of the challenging structural reforms ahead. The sound implementation of the IMF program will be essential to restore macroeconomic stability with a view to creating an enabling framework for development, investment and job creation.