IMF Approves Ghana’s $3bn Bailout
After nearly 10 months of waiting with bated breath, the Executive Board of the International Monetary Fund (IMF) is said to have approved Ghana’s request for a $3billion Balance of Payment support to stabilize the economy.
Reports indicate that, a staggering $600million will be disbursed to Ghana within a week, once Ghana’s programme is approved by the Executive Board of the IMF.
According to a Joy Business report sighted by The Anchor, the second tranche of disbursement would be expected by December 2023, subject to Ghana meeting some conditions under the programme.
The remaining amount will be disbursed in tranches of $360million every six months, subject to meeting the IMF programme conditions.
The Board’s meeting on Ghana’s programme was reportedly chaired by the Managing Director of the IMF, Kristalina Ivanova Georgieva-Kinova.
The International Monetary Fund is thus expected to issue a press statement giving more details about the approval.
Ghana is expecting about $3billion, spread over three years under the IMF programme.
As part of the programme, Ghana will also benefit from other donors to support the country’s economic development.
The World Bank will come on board with the about $900million to support Ghana’s Budget.
Fund to publish details of Ghana’s programme
Meanwhile, the IMF will publish the full details of Ghana’s Economic Recovery Programme once approval is given.
It will also outline the necessary conditions associated with the programme, as well as the staff report on Ghana.
Minister of State at the Finance Ministry, Dr. Mohamend Amin Adam, told Joy Business government is committed to transparency.
He said, “As a result of this, the government has instructed the IMF to publish all the documents once the approval has been given. The documents will be out there for the public to continue to scrutinise and to help monitor. It is important because we are supposed to implement a number of measures and to the extent that the public must know what these measures are.”
“Through this, they [Ghanaians] will be able to ask relevant questions as to how we are performing. Public accountability will continue to be a feature of the Ghanaian politics. We have a strong parliament who are not afraid to ask relevant questions and so we want to be as transparent as possible and that is the commitment the president [Akufo-Addo] has made,” the Minister of State added.