Ghana’s minister of finance, Ken Ofori-Atta, has voiced confidence in Ghana’s capacity to obtain the second installment of the $3 billion IMF loan in November 2023.
Ofori-Atta expressed his confidence that Ghana will fulfill the requirements for the upcoming transfer of $600 million.
Following the IMF staff’s recent working visit to Ghana, he made the remarks.
“Between cabinet and parliament, so far, we’ve gone through the qualitative performance criteria. So, we expect that the review will go well in September to get a Staff-Level Agreement. We’ll go to the Board in November and we’re sure we can get it,” the Minister told journalists on July 11, 2023.
He added that “We had an IMF Staff visit about three weeks ago which went very well and we’re expecting that review in September.”
In May 2023, Ghana got the first installment of the IMF loan after obtaining board clearance.
The nation had satisfied the basic requirements for program approval, which included receiving financial guarantees from outside creditors and having a successful domestic debt swap scheme.
With the rapid devaluation of the cedi and rising inflation rates in mind, the $3 billion lending facility is anticipated to aid in restoring macroeconomic stability to the nation.