Ghana is poised to secure approximately $1.15 billion in funding from the International Monetary Fund (IMF) and the World Bank by the end of February.
This development coincides with ongoing negotiations among bilateral creditors to finalise the country’s debt restructuring terms.
The Minister of Finance expressed confidence in reaching a memorandum of understanding with official creditors during a meeting scheduled for January 8.
Ghana awaits an agreement with bilateral creditors, which is crucial for the IMF executive board to assess Ghana’s performance under the PC-PEG program.
The IMF program, initiated in May with the approval of the first $600 million tranche, anticipates the arrival of the second tranche from the $3 billion bailout.
Despite delays, the board is expected to convene on January 18, with the second tranche likely reaching Ghana’s account after initial expectations for the end of 2023.
“A board approval will also “trigger” the process for two World Bank disbursements totaling $550 million, said Ofori-Atta. The Bank has committed $300 million in budgetary support and another $250 million towards Ghana’s Financial Stability Fund, so “we are in good shape,” Bloomberg said.