The West African nation is battling a crippling economic crisis, including average price rises of 41 per cent over the last year, extreme debt and a sharp decline in its credit currency, and protests have called for the removal of President Nana Akufo-Addo.

The situation contributed to a delay in the African Games in Accra which Ghana is due to host for the first time, with the multi-sport event being postponed from August 2023 until March 8 to 23 2024.

Despite the delays, the African Para Games in Accra remains scheduled to take place from September 3 to 12 this year.

The IMF has approved a $3 billion loan programme over three years for Ghana in light of the economic crisis, including an immediate $600 million (£482 million/€554 million).

The programme requires structural reforms on tax policy, revenue administration and public financial management, and aims to encourage private investment and growth.

Ghana's Government is likely to have to increase its income and reduce its spending, which could lead to tax rises and increases in the price of essentials such as water and fuel.

A staff-level agreement for the $3 billion loans was reached with the IMF in December, but the Ghanaian Government confirmed the release of funds to complete African Games projects, including the modernisation of the University of Ghana Stadium and the Borteyman Sports Complex.

Opponents have warned of the impact of the bailout's conditions on Ghanaians, but IMF managing director Kristalina Georgieva insisted there would be "policies to protect vulnerable households and create room for higher social and development spending in the medium term".

Ofori-Atta hailed the approval of the IMF package.

"Ghana's approval is far from a magic solution won; and what it is, however, is a crucial first step on the necessary journey of strong reforms, inclusive growth, and relentless pursuit of a growth agenda geared towards restoring our economy to a place of strength, prosperity, and resilience," he said.

"Undoubtedly, the economic toll on our people from the effects of the global public crisis cannot be understated.

"We are, indeed, grateful for the forbearance of all Ghanaians in the wake of the Domestic Debt Exchange Programme, which was difficult but, ultimately, a necessary exercise."

A second loan instalment of $600 million could be approved in November or December, which would be three or four months before the new dates for Accra 2023.

Even with the postponement, some question whether the Games will take place at all, and former President John Mahama is among those who has urged Ghana to pull out.

Organising Committee chair Kwaku Ofosu Asare has insisted hosting the Games remains worthwhile for Ghana.

Ghana was awarded the Games in October 2018 and more than 5,000 athletes from over 50 countries are expected to compete.