Audio By Carbonatix
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.
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.
Latest Stories
-
Court ends 13-years amputee football dispute as high court rulesin favour of NSA and NPC Ghana
28 minutes -
Trafficked Ghanaians should not be prosecuted for crimes they were forced to commit – Forum
1 hour -
National conference on school indiscipline concludes with call for coordinated national action
1 hour -
Ghana civil society coalition to tackle transnational crime as trafficking forum warns of rising cyber scam exploitation
2 hours -
Asiedu Nketia urges stronger investment in research to drive Ghana’s economic transformation
2 hours -
Court of Appeal erred in acquitting Sedina Attionu — Alfred Tuah-Yeboah
2 hours -
REGSEC impounds 9 excavators as anti-galamsey operation intensifies in Obuasi
2 hours -
GHS and International Sickle Cell Centre sign 5-year MoU to strengthen national response to sickle cell disease
2 hours -
Ghana secures $35.5m housing financing as it moves to assess challenges with the sector
2 hours -
Democracy is more than elections; it requires responsible citizens — Ibn Chambas
3 hours -
Evidence against Sedina Attionu was solid; acquittal is strange — Tuah-Yeboah
3 hours -
EU commits additional €4 million to support Ghana’s anti-human trafficking efforts
3 hours -
IJM calls for stronger collaboration to combat human trafficking as 1,200 victims rescued in 2025
3 hours -
Ghana School of Law to hold Criminal Prosecution and Litigation graduation on July 31
3 hours -
Kwaku Asante’s summary of the judgment of the Court of Appeal acquitting Sedina Tamakloe
3 hours