Kristalina Georgieva, the managing director of the International Monetary Fund (IMF) has reiterated the Fund’s commitment to helping revive Ghana’s economy to deliver relief to Ghanaians.

In a tweet after President Akufo-Addo met officials of the IMF in Washington, USA, Georgieva said, “Very good meeting with President Akufo-Addo. I congratulated him on Ghana reaching a staff-level agreement for IMF support.”

“We stand with Ghana and remain committed to helping deliver relief to Ghanaians,” she added.

We stand with Ghana and remain committed to helping deliver relief to Ghanaians.

The International Monetary Fund (IMF) and Ghana this week reached a staff-level agreement on a loan deal.

The government has begun restructuring its debt by rolling out a plan to swap US$10.5 billion in local bonds for new ones.

If a domestic debt rework is “done in a coherent manner, with the support of the IMF and the local banking system, the country will be in a significantly better position because it addresses the near term external liquidity challenges,” said Carmen Altenkirch, Aviva Investors emerging markets sovereign analyst.

The government has not yet announced plans for a foreign debt restructuring. Creditors are getting ready though, with two sources telling Reuters a steering committee of dollar debt holders will be announced next week.