Finance minister, Dr. Amin Adam is optimistic about the approval of the third tranche funding support of $360 million from the International Monetary Fund (IMF) after its review.
His confidence stems from the government’s attainment of a significant milestone in its debt restructuring process with bilateral creditors.
According to Dr. Amin Adam, Ghana has fulfilled all the necessary criteria for the Fund to endorse the third tranche funding.
He foresees no obstacles in the days ahead.
“We are very confident they will approve our second review because we have met all the requirements. The last hurdle was the agreement. We needed to meet with the bilateral creditors which we have now met. We do not anticipate any challenges,” the finance minister said in a report on myjoyonline.com.
By the end of June 2024, the country’s proposal for the second review program, seeking a third tranche funding of $360 million, is set to be presented to the Executive Board of the IMF.
During this meeting, decisions will be made regarding the approval and distribution of additional funds within the framework of the country’s Extended Credit Facility (ECF) program with the IMF, aimed at promoting economic recovery and stability.
The government has successfully negotiated a Memorandum of Understanding (MoU) with its Official Creditor Committee.
This MoU agreement is instrumental in facilitating the IMF’s evaluation of Ghana’s progress within a 3-year economic support program.