Ghana signs $102.6 mln grant facility with African Development Bank

Source: Reuters

ACCRA, Nov 9 (Reuters) - Ghana has signed a $102.6 million grant facility with the African Development Bank (AfDB) to support its fiscal consolidation and economic recovery programme, its finance ministry said on Thursday.

The West African country, which produces gold, cocoa and oil, is in talks with bilateral and commercial creditors to restructure its debts during its worst economic crisis in a generation.

Ghana has been locked out of international capital markets as it struggles with spiralling domestic debt costs.

"The program will facilitate the government's economic recovery reforms through enhanced public finance, increased productivity, and job creation," AfDB's representative Eyerusalem Fasika said in a statement.

The programme complements the country's ongoing extended credit facility with the International Montary Fund, Fasika added.