Economy

Ghana hits US$3bn IMF bonanza

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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 Board meeting on Ghana’s programme was Chaired by the Managing Director of the IMF Kristalina Ivanova Georgieva-Kinova.

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.

Meanwhile, the IMF has announced that a virtual press conference will be held on Thursday, [May 18], to provide journalists with insights into the outcomes of the Executive Board meeting concerning Ghana’s request for an Extended Credit Facility (ECF) Arrangement.

The press briefing will feature key participants including Stephane Roudet, the IMF Mission Chief for Ghana; Ken Ofori-Atta, Ghana’s Minister of Finance; Ernest Addison, Governor of the Bank of Ghana; and Tatiana Mossot, Senior Communications Officer at the IMF.

The highly anticipated press conference aims to provide clarity on the discussions held during the IMF Executive Board meeting and the decisions made regarding Ghana’s request for an Extended Credit Facility Arrangement.

The virtual format, conducted via Zoom, will enable journalists and stakeholders to engage with the panel of experts and gain a deeper understanding of the IMF’s perspective on Ghana’s economic situation and the proposed assistance.

Ghana’s Minister of Finance, Ken Ofori-Atta, and Governor Ernest Addison will likely share insights into the country’s economic challenges, reform efforts, and the potential impact of the Extended Credit Facility Arrangement on Ghana’s financial stability and economic growth prospects.

Stephane Roudet, the IMF Mission Chief for Ghana, will provide an expert analysis of the country’s economic performance, outlining the conditions and policy measures associated with the Extended Credit Facility Arrangement.

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