There are initiatives to obtain IMF funding, On Friday – Ofori-Atta

The Finance Minister, Ken Ofori-Atta has revealed that Ghana is set to receive the first tranche of the $3 billion bailout package approved by the International Monetary Fund (IMF), tomorrow, May 19, 2023.

While speaking at a joint press conference between the Government of Ghana and officials of the IMF, Ofori-Atta outlined a roadmap for continued financial support from the IMF over the coming months.

“There is a $600 million release, and we will be working with the IMF to see if we can get it by tomorrow, and then we will move on to the next 6 months which will be another $600 million, and then we move on to about 5 different tranches every 6 months in the periods ahead.”

The Executive Board of the International Monetary Fund on Wednesday granted approval for Ghana’s $3 billion bailout request, aimed at revitalizing the country’s struggling economy.

The decision was made during the Executive Board’s meeting held on Wednesday, following Ghana’s receipt of financing assurances from the Paris Club.

The funds will boost Ghana’s coffers and help it work towards the target of foreign reserves amounting to the equivalent of three months of imports by 2026, he said.

Mr Ofori-Atta addressing the press also assured that Ghana will not misuse the funds from the IMF. He promised that the funds will be applied judiciously to help the country meet its objectives.

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