Ghana is set to receive the second tranche of a $600 million disbursement from the International Monetary Fund (IMF), as confirmed by the Finance Ministry. The announcement came as Finance Minister Ken Ofori-Atta disclosed that the IMF has granted approval for all necessary financing assurances from Ghana’s official creditor.
Explaining further, Minister Ofori-Atta stated that the approval of the first review of Ghana’s loan program by the IMF board will result in the immediate disbursement of approximately $600 million under its $3 billion bailout initiative. In an official statement, Ofori-Atta expressed, “It is with great honor that I can announce to you that earlier today, the International Monetary Fund endorsed the first review of our program.
This is a resounding affirmation that the program is advancing steadily and our reform trajectory remains steadfast.” The endorsement has unlocked a substantial $600 million disbursement from the IMF and sets the stage for an additional $300 million disbursement from the World Bank under the development policy operation financing, according to the Finance Minister.
At a joint press conference held on January 19, 2024, featuring representatives from the IMF, the Finance Ministry, and the Bank of Ghana, these significant developments were unveiled. Looking ahead, Minister Ofori-Atta is scheduled to meet with the World Bank on Tuesday, January 23, 2024, to discuss the potential receipt of an additional $250 million aimed at bolstering Ghana’s economy.
“The World Bank will convene on Tuesday, January 23. In addition, we expect the World Bank to approve $250 million to support the Ghana Financial Stability Fund. These resources, totaling $1.15 billion, will significantly boost our economic recovery effort,” he added.