Finance Minister Dr Mohammed Amin Adam has expressed confidence in the release of the third tranche of the $3 billion bailout by the International Monetary Fund (IMF), once a Memorandum of Understanding (MoU) with external creditors is secured.

He conveyed this assurance during a press conference held after the Spring Meetings in Washington on Sunday, April 21, 2024.

Dr. Adam attributed his confidence to the extensive efforts undertaken by the government to ensure that the targets set by the IMF are met.

He highlighted that discussions on several targets have been ongoing with the Bretton Woods Institution since January of the same year, and agreements have been reached.

During the press conference, Dr. Adam emphasised the importance of securing the MOU with external creditors, which is a key step in fulfilling the IMF's requirements for the release of the third tranche.

Dr Adam outlined that the government has been actively engaged in negotiations to ensure favourable terms are reached.

“We do not have any reason to suggest that the board will miss this because essentially we have agreed to all that we need to do and the only outstanding issue is the draft from the official creditors this May if we have that there won’t be any lengthy negotiation.

“We have already negotiated and we have agreed to the offer they gave us in principle since January…so I can tell you, we are very optimistic.”

Ghana is on track to receive approval for its third tranche of $360 million when the Executive Board of the IMF convenes in June.

This follows the achievement of a staff-level agreement on the second review of the loan-support programme.

Abebe Selassie, Director of the African Department at the International Monetary Fund (IMF), has announced that the fund will not demand further adjustments from the Ghanaian government.

Dr Selassie expressed optimism that ongoing discussions among official creditors will lead to the conclusion of talks, thus facilitating the release of the third tranche of funds.