IMF's $600m resounding affirmation of Ghana’s progress – Ofori-Atta

Finance Minister, Ken Ofori-Atta has expressed his appreciation for the release of the second tranche of Ghana’s extended credit facility by the International Monetary Fund (IMF).

The approval of an additional $600 million for Ghana’s bailout program is seen as a significant milestone, indicating the country’s progress in its economic reform journey.

These sentiments were shared by the Finance Minister during a joint press conference held between the Ministry of Finance and the IMF on Friday, January 19, 2024.

“Earlier today, the IMF endorsed the first review of our programme. This is a resounding affirmation that the programme is advancing steadily, and our reform trajectory remains steadfast. Consequently, the endorsement has unlocked a $600 million disbursement from the IMF and will pave the way for an additional $300 million disbursement from the World Bank,” Mr. Ofori-Atta said.

The approval from the IMF for the second tranche of US$600 million follows a recent agreement between Ghana and its bilateral lenders, which include China and France.

This agreement, finalized late last week, played a pivotal role in unlocking the disbursement of the second tranche.

Ghana’s successful passage of its first review under the Fund program, after receiving the initial tranche in May of the previous year, underscores the country’s commitment to meeting its economic reform targets.

The government has outlined its intention to allocate this fresh funding towards supporting various activities outlined in the 2024 budget. This indicates a strategic utilization of the funds to bolster key economic initiatives.

Overall, these developments highlight Ghana’s proactive measures in implementing economic reforms, supported by both international financial institutions like the IMF and bilateral lenders. This collaborative effort is expected to contribute positively to Ghana’s economic stability and growth.