Ofori-Atta reacts to release of US$600m IMF cash, lists three priority areas to benefit

Finance minister Ken Ofori-Atta has confirmed Ghana's receipt of the first tranche of US$600 million out of a US$3 billion bailout from the International Monetary Fund (IMF).

Ofori-Atta listed three major priority areas in the economy that the funds will go to address in a tweet posted hours after the apex bank confirmed receipt of the funds.

The funds he said will be used for: Balance of Payment (BOP) & budget support as well as to "help stabilise the FX rate & trigger a cascading effect on inflation."

His full tweet of May 19 read: "Bank of Ghana informs me that the first tranche of $600 million of Ghana’s low interest $3billion ECF facility has been received. These funds will be used for BOP & budget support and will also help stabilise the FX rate & trigger a cascading effect on inflation."

The facility was approved by the IMF Board this week after major creditors (China and the Paris Club) gave financing reassurances.

Subsequent releases will be based on Ghana's adherenece to laid down processes agreed with the Fund as well as implementation of strict regulations back home.

@thebankofghana informs me that the first tranche of $600 million of Ghana’s low interest $3billion ECF facility has been received. These funds will be used for BOP & budget support and will also help stabilise the FX rate & trigger a cascading effect on inflation #GhanaRising

— Office of the Finance Minister-Ghana (@oofmghana) May 19, 2023