The Finance Ministry has disclosed that Ghana is poised to receive the second tranche of $600 million from the International Monetary Fund (IMF) in the near future.
Finance Minister Ken Ofori-Atta stated that the IMF has granted approval for all necessary financing assurances from Ghana’s Official Creditors.
The minister clarified that the IMF board’s endorsement of the initial review of Ghana’s loan programme would facilitate the prompt disbursement of approximately $600 million as part of its $3 billion bailout programme.
“It is with great honour that I can announce to you that earlier today, the International Monetary Fund endorsed the first review of our programme. This is a resounding affirmation that the programme is advancing steadily and our reform trajectory remains steadfast”.
“Consequently, the endorsement has unlocked a $600 million disbursement from the IMF and will pave the way for an additional $300 million disbursement from the World Bank under the development policy operation financing,” he said.
Mr Ken Ofori-Atta, addressed a joint press conference with the IMF, the Finance Ministry, and the Bank of Ghana on January 19, 2024, where he shared updates on Ghana’s financial situation.
In addition, Mr Ofori-Atta is scheduled to meet with the World Bank on Tuesday, January 23, to engage in discussions regarding the possibility of securing an additional $250 million. This funding is intended to further support and boost the country’s economy.
“The World Bank will meet on Tuesday, January 23. In addition, we expect the World Bank to approve $250 million to support the Ghana Financial Stability Fund. These resources, in total $1.15 billion, will significantly booster our economic recovery effort,” he added.
In 2023, Ghana encountered a delay in receiving the second tranche of the $3 billion bailout package from the International Monetary Fund (IMF) due to ongoing debt rework negotiations with external creditors. The country had set a November 1 deadline in line with the IMF program, but negotiations hampered the timeline.
Ghana was actively engaged in talks with external creditors, seeking debt relief totaling $10.5 billion. Proposals had been submitted to commercial creditors, aiming for a potential haircut of up to 40%. Additionally, negotiations for additional debt restructuring were underway with bilateral creditors, including China and the Paris Club.