Ghanian officials said on Thursday that the $3 billion International Monetary Fund (IMF) bailout approved for the West African nation will help reset the economy and ease the economic hardship on its citizens.

The long-awaited bailout approved by the IMF to aid the government’s economic growth recovery plan, though “far from a magic solution wand” is “a crucial first step on the necessary journey of strong reforms, inclusive growth and relentless pursuit of our growth agenda,” Ken Ofori-Atta, Ghana’s Finance Minister, told an online briefing on Thursday.

The bailout programme signed with the IMF and to be disbursed in at least six tranches over three years will cushion the economic toll on Ghanaians who have protested the spiralling increase in the prices of goods.

With the first tranche of $600 million expected soon, Ernest Addison, Bank of Ghana governor, urged various sectors to support the government’s economic agenda.