IMF Will Surely Approve $600 Million Tranche - Ken Ofori-Atta

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The Minister of Finance, Ken Ofori-Atta, announced that the anticipated $600 million second tranche of the International Monetary Fund (IMF) bailout package will be allocated to programs outlined in the 2024 Budget. 

The IMF's Executive Board is set to convene on Friday, January 19, 2024, in Washington DC, USA, to conduct Ghana's first review under the Fund program. It is anticipated that the board will endorse the disbursement of the $600 million to Ghana within the next three working days.

Related To This: IMF'S Board Meeting on Ghana's Program Rescheduled To January 19

In an interview on JOYNEWS' PM EXPRESS BUSINESS,  Mr. Ofori-Atta expressed confidence that Ghana has fulfilled all the necessary prerequisites to secure the funding. He stated, "We are very optimistic that Ghana will pass this review when the Executive Board of the IMF meets on January 19, 2024."

The IMF Board meeting was initially postponed due to challenges faced by Ghana in obtaining essential "financing assurance" from bilateral creditors through the official creditor committee for restructuring the country's debt. This led to multiple rescheduling of the meeting from November 2023 and then again from January 18 to January 19, 2024. The board is now moving forward with its meeting following Ghana's agreement with bilateral creditors on terms for restructuring approximately $5.4 billion in debts.

Related To This: Ghana's Economy In Jeopardy As Debt Restructuring Talks With Creditors Goes Slow

Mr. Ofori-Atta expressed hope that the potential disbursement of funds will unlock further support from Ghana's donors. The World Bank Board is expected to convene on January 25, 2024, to approve the disbursement of around $550 million. Of this amount, $300 million will be allocated to projects outlined in the budget, while $250 million will be directed towards the Ghana Stability Fund, designed to support institutions affected by the Domestic Debt Exchange Programme.

By the end of January 2024, Ghana could potentially secure over $1.1 billion from the IMF and World Bank to bolster its economy.

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