London (Standard&Poor's) July 23, 2009--Standard&Poor's Ratings Services today said that the three-year program approved by the International Monetary Fund (IMF) for the Republic of Ghana (B+/Negative/B) provides a window of opportunity for the reduction of imbalances that have weighed on the sovereign rating. The three-year arrangement under the Poverty Reduction and Growth Facility (PRGF), which totals about $600 million, targets sustained fiscal consolidation, a build-up in foreign exchange reserves, and structural areas such as public sector reform and cost recovery for utility tariffs. In parallel, Ghana is due to receive a Special Drawing Rights (SDR) allocation of about $450 million later this year as part of the Group of 20's April agreement affecting the IMF's member
