Before delivering the next tranche of the $3 billion bailout package, the International Monetary Fund (IMF) said it will await the conclusion of Ghana’s engagement with its bilateral creditors.
The IMF’s Managing Director, Kristalina Georgieva, revealed this in a tweet on Wednesday after meeting with Ghanaian officials to discuss the next steps.
Following an assessment of the country’s economic growth and the disbursement of the first tranche of $600 million, Ghana recently struck a staff-level agreement with the IMF.
Georgieva complimented Ghana on the achievement of the staff-level agreement.
In a tweet, she said “Great to meet @MoF_Ghana Min Ofori-Atta & @thebankofghana Gov Addison at #IMFMeetings. Congrats on the recent staff-level agreement on the Fund-supported program’s first review. Counting on bilateral creditors reaching agreement on debt relief soon to move the review forward.”
The IMF and Ghana reached a staff-level agreement on October 6 on economic policies and reforms to conclude the first review of the country’s three-year program under the Extended Credit Facility.
This agreement is subject to approval by the IMF’s Executive Board and receipt of the necessary financing assurances.
The IMF has praised Ghana’s strong policy and reform commitment under the program, which it says is bearing fruit and leading to signs of economic stabilization.
In a report, the IMF noted that growth in 2023 has proven more resilient than initially envisaged, inflation has declined, the fiscal and external positions have improved, and the exchange rate has stabilized.
- IMF must police customs exemption reductions – IEAG
- Ghana likely to go for IMF programme extension – Prof Bokpin
Meanwhile, the Ministry of Finance has appealed to its bilateral creditors to quickly agree on current debt relief terms to enable Ghana to secure the second tranche of the package from the IMF.
“Grateful for strong IMF support, and calling on bilateral creditors to agree on debt relief terms as quickly as possible,” the Ministry posted on its X (Twitter) handle.
