By Monitoring Desk
Barring any unforeseen circumstances, Ghana is set to receive the first tranche of $3 billion bailout package approved by the International Monetary Fund (IMF), today, May 19, 2023, Finance Minister, Ken Ofori-Atta has said.
“There is a $600 million release, and we will be working with the IMF to see if we can get it by tomorrow, and then we will move on to the next 6 months which will be another $600 million, and then we move on to about 5 different tranches every 6 months in the periods ahead,” the Minister disclosed.
At a joint press conference between the Government of Ghana and officials of the IMF, Ofori-Atta outlined a roadmap for continued financial support from the IMF over the coming months, assuring that Ghana will not misuse the funds from the IMF. He promised that the funds will be applied judiciously to help the country meet its objectives.
The IMF mission chief for Ghana, Stéphane Roudet, however, highlighted the comprehensive structural components of Ghana’s programme with the Fund, emphasizing its capacity to strengthen the country’s economy.
According to Roudet, the programme consists of a wide range of reforms across multiple sectors, which will enhance the economy’s ability to withstand future shocks.
He emphasized that the government and the IMF share the goal of achieving a more robust and resilient economy through these reforms.
Roudet said: “It is important to emphasize that this program is very rich in its structural components. It encompasses a wide range of reforms across various sectors, which will enhance the economy’s ability to withstand future shocks. This is precisely what the government and the IMF aim to achieve with this program.”
The programme’s objective aligns with the government’s vision of long-term stability and sustainable growth.
On May 17, the executive board of the IMF approved Ghana’s request for a $3 billion bailout to support the country’s economic recovery.
The IMF’s support program will primarily focus on curbing inflation and rebuilding Ghana’s foreign reserve buffers.
These measures aim to strengthen the country’s economic foundation and promote a path towards sustainable growth.
The Executive Board of the International Monetary Fund on Wednesday granted approval for Ghana’s $3 billion bailout request, aimed at revitalizing the country’s struggling economy.
The decision was made during the Executive Board’s meeting held on Wednesday, following Ghana’s receipt of financing assurances from the Paris Club.
