Speaking during a meeting with the leadership of the Catholic Bishop Conference at the Jubilee House on Friday, the president said the clearance will quickly lessen the financial burden of the country when the $3 billion loan facility is finally granted.

President Akufo-Addo says Friday’s announcement by the Paris Club to establish an Official Creditor Committee co-chaired by China and France paves the way for the balance of payment support.

“Today, we were informed that the last hurdle toward our agreement with the IMF has been overcome. The Paris Club met today in Paris in a meeting co-chaired by China and France has okayed and approved Ghana’s request for an IMF programme.”

The Managing Director of the International Monetary Fund, Ms. Kristalina Georgieva also welcomed the announcement on Friday, May 12.

The Club in a statement in part announced: “The creditor committee supports Ghana’s envisaged IMF upper credit tranche (UCT) program and its swift adoption by the IMF Executive Board to address Ghana’s urgent financing needs. The creditor committee encourages Multilateral Development Banks (MDBs) to maximize their support for Ghana to meet its long-term financial needs.”