Ghana has received an amount of $600 million from the International Monetary Fund (IMF), being the first tranche of the $3 billion bailout package.
This was confirmed on Eyewitness News on Citi FM on Friday by the Minister of Information, Kojo Oppong Nkrumah.
“Yes that’s the confirmation I have. As we have mentioned, there are supposed to be 7 different disbursements, the first being the $600 million received on the back of conclusion of the approval by the Board,” he told sit-in host, Nii Larte Lartey.
He explained that Ghana will only get additional tranches if it meets the assessment criteria.
“The remaining tranches will be based on the country’s ability to meet the assessment criteria, which is spelt out in the programme that has been signed off. There are about 50 structural reforms we have undertaken to do on various parts of our economic life to ensure that we build resilience moving forward.
He added, “Nine of them will form part of the development assessment which is supposed to be concluded before the end of this year. The meeting of those nine is what will translate into further disbursement of other outstanding amount. As we have said over and over again, it’s not just about the money, but the reforms that need to take place to ensure that we build resilience in the Ghanaian economy. All of us will have to focus in doing our part to make that happen”.
During a joint press conference held between the Government of Ghana and IMF officials on Thursday, Finance Minister, Ken Ofori-Atta laid out a comprehensive roadmap to secure ongoing financial assistance from the IMF in the coming months.
“There is a $600 million release, and we will be working with the IMF to see if we can get it by Friday, 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,” Ofori-Atta explained.
On Wednesday, the Executive Board of the International Monetary Fund granted approval for Ghana’s plea for a $3 billion bailout, specifically designed to breathe life into the nation’s struggling economy.
This pivotal decision was reached during the Executive Board’s meeting held on Wednesday, subsequent to Ghana’s satisfying fulfilment of financial assurances from the Paris Club and other external creditors.
The infusion of funds will bolster Ghana’s financial reserves and provide impetus as the country endeavours to achieve the goal of amassing foreign reserves equivalent to three months’ worth of imports by 2026, as highlighted by Ofori-Atta.
While addressing the press, Mr. Ofori-Atta assured the nation that Ghana will uphold the utmost integrity in managing the IMF funds.