Information Minister Kojo Oppong Nkrumah, says Ghana has met all the necessary requirements to secure a $3 billion payment from the International Monetary Fund (IMF) needed to support and stabilise the economy.

According to him, the IMF described government's Post Crisis Programme for Economic Growth (PC-PEG), as strong enough to lay the foundation for economic recovery.

His comment comes on the back of the IMF board finally approving Ghana’s programme request for a $3 billion bailout.

MP for Ofoase Ayirebi mentioned that he was not present during the emergency sitting which saw the approval of the bailout.

However, he was confident that a formal announcement will be made and provide the necessary details.

Speaking on Newsnight on JoyFM, he said “I think in the coming hours the fund will do the formal announcement and provide the details and publish all of the matters that come with it.”

The Information Minister added that Ghana's wait for the bailout was delayed but it happened just when the IMF was convinced the country has met all the necessary requirements.

Although he did not emphatically say when the country will receive the first tranche of the money, he was optimistic it will soon hit the Bank of Ghana.

“Now that the board has approved, I think in the shortest possible time the first disbursement will now start taking place.

"And the program monitoring will also go on to ensure that all of the other targets that will be spelt out in what is published later today and then subsequent disbursement will take place,” he told host, Evans Mensah.

He stressed that the IMF deal is not the solution to all Ghana's economic challenges “As we said in July last year, it is one of the pillars that are required to function for the entire economic recovery programme. There is a lot more that all of us need to know as an economy to ensure that recovery comes true."