Ghana Pays Up First Fine For Misreporting To IMF

Ghana has paid the first instalment of the $39 million fine by the International Monetary Fund (IMF) for mis-reporting on an earlier loan granted it under the previous government. The money was paid at source from the $66 million IMF loan paid to the Central Bank last week. At the Fund's Spring meeting, Ghana agreed to re-pay the $39 million loan in two instalments, one in July and the other in December.

An adviser to the Finance Minister, Dr. Akoto Osei who disclosed this to JOYFM, explained that although Ghana is expected to receive three trenches of $66 million after the IMF approval of the county's program, part of the first and final loans disbursed will be used for the payment of the penalty.

The IMF reportedly increased the total loan amount due Ghana by $46 million to enable the country pay up the $39 million fine for mis-reporting. The World Bank, an affiliate of the IMF, is expected to approve a 110 million-dollar loan, for Ghana, when it meets the 26th of this month.