Ghana is set to receive an amount of $600 million from the International Monetary Fund (IMF) today, May 19, 2023.
This will be the first tranche of the $3 billion three-year extended credit facility Ghana secured from the IMF on Wednesday to revive its ailing economy.
During a joint press conference held between the Government of Ghana and IMF officials on Thursday, Finance Minister, Ken Ofori-Atta laid out a comprehensive roadmap to secure ongoing financial assistance from the IMF in the coming months.
“There is a $600 million release, and we will be working with the IMF to see if we can get it by Friday, and then we will move on to the next 6 months which will be another $600 million, and then we move on to about 5 different tranches every 6 months in the periods ahead,” Ofori-Atta explained.
On Wednesday, the Executive Board of the International Monetary Fund granted approval for Ghana’s plea for a $3 billion bailout, specifically designed to breathe life into the nation’s struggling economy.
This pivotal decision was reached during the Executive Board’s meeting held on Wednesday, subsequent to Ghana’s satisfying fulfillment of financial assurances from the Paris Club and other external creditors.
The infusion of funds will bolster Ghana’s financial reserves and provide impetus as the country endeavours to achieve the goal of amassing foreign reserves equivalent to three months’ worth of imports by 2026, as highlighted by Ofori-Atta.
Furthermore, while addressing the press, Mr. Ofori-Atta assured the nation that Ghana will uphold the utmost integrity in managing the IMF funds.
He pledged that the resources will be judiciously allocated to advance the country’s objectives and bring about meaningful progress.
On December 12, 2022, the IMF reached a staff-level agreement with Ghanaian authorities on a new arrangement under the Extended Credit Facility.