IMF’s $600 million hits Bank of Ghana’s account
The International Monetary Fund (IMF) has provided Ghana with $600 million, the first installment of a $3 billion bailout package.
Kojo Oppong Nkrumah, the Minister of Information, stated this on Eyewitness News on Citi FM on Friday.
“Yes, that is my confirmation. According to what he told the sit-in host Nii Larte Lartey, “there are supposed to be seven different disbursements, the first of which is the $600 million received following the conclusion of the approval by the Board.”
He explained that Ghana will only receive additional tranches if it satisfies the criteria for evaluation.
The country’s ability to meet the assessment criteria, which are outlined in the approved program, will serve as the foundation for the remaining tranches. We have implemented approximately fifty structural reforms to various aspects of our economic life to ensure our future resilience.
He added, “Nine of them will shape part of the advancement evaluation which should be closed before the finish of this current year. The gathering of those nine will convert into additional dispensing of other exceptional sum. It’s not just about the money, as we’ve said over and over, but also about the reforms that need to be done to build Ghana’s economy’s resilience. We all should concentrate in doing our part to get that going”.
Finance Minister Ken Ofori-Atta presented a comprehensive plan for securing ongoing financial assistance from the IMF in the coming months during a joint press conference on Thursday between officials from the Government of Ghana and the IMF.
Ofori-Atta elaborated, “There is a $600 million release, and we will be working with the IMF to see if we can get it by Friday. After that, we will move on to the next six months, which will be another $600 million, and then we move on to about five different tranches every six months in the future.”
On Wednesday, the Chief Leading group of the Global Financial Asset conceded endorsement for Ghana’s request for a $3 billion bailout, explicitly intended to revive the country’s striving economy.
Following Ghana’s satisfying fulfillment of financial assurances from the Paris Club and other external creditors, this crucial decision was made during the Executive Board meeting on Wednesday.
According to Ofori-Atta, the infusion of funds will help Ghana achieve its goal of having foreign reserves equal to three months’ worth of imports by 2026. This will help Ghana’s financial reserves and give it a boost.
Mr. Ofori-Atta reassured the nation during his press conference that Ghana will manage the IMF funds with the utmost integrity.