The International Monetary Fund (IMF) has finally approved Ghana’s Programme request seeking for a $3 billion Balance of Payment support to stabilize the economy.
The IMF in the coming hours is expected to issue a press statement giving more details about the approval.
Joy Business is learning that the Board meeting on Ghana’s programme was Chaired by the Managing Director of the IMF Kristalina Ivanova Georgieva-Kinova.
The IMF is currently working on documents about Ghana's programme that should be released in the coming hours.
Details of the disbursement
According to government, about $600 million would be disbursed to Ghana within a week, once Ghana’s programme is approved by the Executive Board of the IMF.
The second tranche of disbursement would be expected by December 2023.
This is however subject to meeting some conditions under the programme.
The remaining amount will be disbursed in tranches of $360 million every six months, subject to meeting the IMF programme conditions.
Ghana is expecting about $3 billion spread over three years under the IMF Programme.
Donor Support for Ghana’s programme
As part of the programme, Ghana will also benefit from other donors to support the country’s economic development.
The World Bank will come on board with the about $900 million to support Ghana’s Budget.
Fund to publish details of Ghana’s programme
Meanwhile, the IMF will publish the full details of Ghana’s Economic Recovery Programme once approval is given.
It will also outline the necessary conditions associated with the programme as well as the staff report on Ghana.
Minister of State at the Finance Ministry, Dr. Mohamend Amin Adam told Joy Business government is committed to transparency.
"As a result of this, the government has instructed the IMF to publish all the document once the approval has been given. The documents will be out there for the public to continue to scrutinise and to help monitor. It is important because we are suppose to implement a number of measures and to the extent that the public must know what these measures are", he added.
"Through this, they [Ghanaians] will be able to ask relevant questions as to how we are performing. Public accountability will continue to be a feature of the Ghanaian politics. We have a strong parliament who are not afraid to ask relevant questions and so we want to be as transparent as possible and that is the commitment the president [Akufo-Addo] has made", the Minister of State.
Latest Stories
-
Women face mounting pressures, feel unsafe at workplace – Deloitte
6 mins -
Bright Simons asks: Where is the KPMG report on SML contract audit?
20 mins -
GEXIM to celebrate Ghanaian workers with “Workers’ Mart Tuesday Market”
58 mins -
Ghanaians need honesty on the part of the government – Alhassan Suhuyini
2 hours -
We cannot compete; we need to collaborate – George Quaye on projecting theatre
2 hours -
GRIDCo to receive 100MW power supply from IPPs in coming days
2 hours -
How technology is weaving African markets into the global fabric
2 hours -
Dr. Ekua Ekumah highlights how to cultivate new theatre audience
2 hours -
Zambian FA president charged with money laundering
2 hours -
Mysstel releases video for ‘Paradise’
3 hours -
We are yet to receive an apology from Ashanti Regional Minister – ECG
3 hours -
UEFA International Tournament: Ernest Ofori scores for Black Starlets in defeat to Russia
3 hours -
Cocoa price surge linked to production decline – COCOBOD CEO
3 hours -
Atarah Praise returns on May 19 at Adenta Barrier
3 hours -
World Robotics Championship: 18 pre-tertiary students poised to win medals for Ghana at global competition
3 hours