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Ghana Lawmakers Approve $750 Million Loan From Afreximbank

  • Country targets $1 billion foreign loans this month for budget
  • Facility will bolster finances, give support for cedi currency
Nana Akufo-Addo
Nana Akufo-AddoPhotographer: Julien de Rosa/AFP/Getty Images

Ghana lawmakers approved a plan by the government to borrow up to $750 million from the African Export-Import Bank for the 2022 budget.

The vote by the nation’s hung parliament removes a major hurdle for President Nana Akufo-Addo’s government to press on with budget projects and stabilize finances after losing access to the international capital market this year.