The administration has high hopes for getting the second installment of the International Monetary Fund’s $3 billion bailout (IMF).
Ghana, according to Finance Minister Ken Ofori-Atta, will satisfy the requirements for receiving the next US$600 million.
This evaluation comes in the wake of a recent trip by Fund employees. The second tranche is anticipated to be delivered to the government in September 2023.
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“Thus far, we’ve gone over the qualitative performance standards between cabinet and parliament. Consequently, we anticipate that the review to get a Staff-Level Agreement will proceed successfully in September. The Minister told media in Accra, “We’ll go before the Board in November and we’re certain we can obtain it.
Mr Ofori-Atta added, “We had an IMF Staff visit about three weeks ago which went very well and we’re expecting that review in September.”
After the IMF programme was approved for Ghana, an immediate disbursement of US$600 million was made, with the remaining amount expected to be disbursed in tranches every six months, subject to programme evaluations agreed upon by the IMF Executive Board.
The IMF agreement comes at a time when Ghana is facing various economic challenges, including high inflation, a depreciating currency, and a widening budget deficit, all amid a worsening debt stock.
