The article discusses the International Monetary Fund's (IMF) approval of a $3 billion bailout for Ghana to help the country recover from its debt crisis. The anticipation of this approval has boosted investor confidence, leading to Ghana's currency, the Cedi, becoming the world's top-performing currency against the US dollar.

Ghana's request for the $3 billion bailout has been approved by the IMF, signaling a positive outlook for the nation's economy. Investors have been eagerly awaiting this news, resulting in increased confidence and the Cedi performing strongly against the US dollar. The currency has traded 1.7% stronger in Accra, Ghana's capital, and Ghana's Eurobond maturing in 2032 has also experienced a boost.

The approved funding will be used to replenish Ghana's foreign-exchange reserves, which have significantly declined due to efforts to defend the Cedi. Ghana had to make tough economic decisions, including increasing taxes, to secure the approval of the IMF program. The approval was influenced by a bilateral creditors group, co-chaired by China and France, which played a role in restructuring Ghana's debt under the G20's Common Framework.

While the IMF has not made an official announcement, sources close to the matter have confirmed the approval after a meeting of the IMF's executive board. Ghana's Minister of State for Finance expects an initial disbursement of $600 million this week, with another $600 million expected in November. The remaining amount will be disbursed in equal installments subject to IMF reviews.

Additionally, the Ghanaian government is in talks for an additional $900 million in budget support from the World Bank over a three-year period. Negotiations are also planned with eurobond holders to restructure the $13 billion debt owed to private investors, indicating comprehensive efforts to stabilize Ghana's financial situation.

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