The Finance Ministry has announced that Ghana will receive the second tranche of $600 million from the International Monetary Fund (IMF) anytime soon.

According to Finance Minister, Ken Ofori-Atta, the IMF has approved all required financing assurances from Ghana's Official Creditors.

He explained that the IMF board’s approval of the first review of Ghana's loan programme will allow for the immediate disbursement of about $600 million under its $3 billion bailout programme.

“It is with great honour that I can announce to you that earlier today, the International Monetary Fund endorsed the first review of our programme. This is a resounding affirmation that the programme is advancing steadily and our reform trajectory remains steadfast".

“Consequently, the endorsement has unlocked a $600 million disbursement from the IMF and will pave the way for an additional $300 million disbursement from the World Bank under the development policy operation financing,” he said.

The Finance Minister was speaking at a joint press conference by the IMF, the Finance Ministry and the Bank of Ghana, on January 19, 2024.

Meanwhile, Mr Ofori-Atta is expected to meet the World Bank on Tuesday, January 23 to discuss the additional $250 million the country hopes to receive to boost the economy.

“The World Bank will meet on Tuesday, January 23. In addition, we expect the World Bank to approve $250 million to support the Ghana Financial Stability Fund. These resources, in total $1.15 billion, will significantly booster our economic recovery effort,” he added.

• Read also: Ghana misses out on IMF’s Nov. 1 timeline for 2nd tranche as external debt restructuring talks drag

Background

In 2023,  Ghana missed out on a November 1 timeline set in the IMF programme to get the second tranche of the $3 billion bailout package as the country's debt rework negotiations with external creditors delayed.

The Black Star of Africa was still in talks with its external creditors for debt relief worth $10.5 billion.

The country has already submitted proposals to its commercial creditors seeking a haircut of up to 40% and additional debt rework with its bilateral creditors, including China and the Paris Club.