Ghana to receive initial $600M tranche of $3B IMF funding today

Finance Minister Hon. Ken Ofori-Atta
Finance Minister Hon. Ken Ofori-Atta

Ghana is receiving $600 million from the International Monetary Fund (IMF) today as the first installment of a $3 billion three-year extended credit facility meant to revitalize Ghana’s struggling economy.

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During a joint press conference between Ghana’s government and IMF officials, Finance Minister Ken Ofori-Atta outlined a comprehensive plan to secure ongoing financial assistance from the IMF in the coming months. “The $600 million release would be followed by another $600 million in the next six months, with five more tranches of funding every six months thereafter” He explained.

The IMF’s Executive Board approved Ghana’s request for a $3 billion bailout after the country fulfilled financial assurances from the Paris Club and other external creditors. The funds will boost Ghana’s financial reserves and support its efforts to accumulate foreign reserves equivalent to three months’ worth of imports by 2026, as outlined by Ofori-Atta.

Ofori-Atta emphasized that Ghana will manage the IMF funds with utmost integrity and allocate them judiciously to advance the country’s objectives and foster meaningful progress.

On December 12, 2022, the IMF and Ghanaian authorities reached a staff-level agreement for a new arrangement under the Extended Credit Facility.

SOURCECoverghana.com.gh

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