Ghana to receive 2nd tranche $600m IMF disbursement
The Finance Ministry has exciting news for Ghana: the second tranche of $600 million from the International Monetary Fund (IMF) is on its way. Finance Minister Ken Ofori-Atta announced that all necessary financing assurances from Ghana’s Official Creditors have been approved by the IMF. This approval of the first review of Ghana’s loan program means that $600 million will be immediately disbursed as part of the $3 billion bailout program. Ofori-Atta expressed his gratitude, stating that the IMF’s endorsement is a strong affirmation of Ghana’s steady progress and unwavering commitment to reform.
At a joint press conference held on January 19, 2024, by the IMF, Finance Ministry, and Bank of Ghana, Ofori-Atta mentioned that this endorsement from the IMF will also unlock an additional $300 million disbursement from the World Bank under the development policy operation financing. Furthermore, he revealed that he will be meeting with the World Bank on January 23 to discuss an additional $250 million to further support Ghana’s economy through the Ghana Financial Stability Fund. These combined resources of $1.15 billion will greatly aid Ghana’s economic recovery efforts.
Ghana faced delays in receiving the second tranche of the $3 billion bailout package in 2023 due to ongoing negotiations with external creditors for debt relief amounting to $10.5 billion. The country has already submitted proposals to its commercial creditors, seeking a potential reduction of up to 40%, as well as debt restructuring negotiations with its bilateral creditors, including China and the Paris Club.
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