US$3 billion IMF loan: We understand the need of transparency - MoF Chief Director

Chief Director of the Ministry of Finance (MoF), Eva Mends, has said her outfit believes in transparency and the need for Ghanaians to be abreast with the necessary information on the US$3 billion loan approved by the International Monetary Fund (IMF).

According to her, the availability of data and information from the finance ministry would help squash false information and fake news within the public domain.

Addressing journalists during a technical briefing session on Ghana’s IMF programme in Accra Thursday, May 18, 2023, Eva Mends said, “Today, we are commencing the first in the series of updates to Ghanaians on our US$3 billion Extended Credit Facility with the International Monetary Fund (IMF).  We expect to sustain this partnership with the Ghanaian people and you as you prove timely and accurate information on this new path toward economic stability and building a resilient economy.”

She further said, “We are fully aligned with the Ministry of Information's #Verifyfirst campaign, recognizing the potential harm that false information can cause to the public and the overall development of our nation. By providing you with accurate and verified information, we aim to ensure that Ghanaians have access to reliable sources of news and updates.”

“We understand the power of transparency and believe that by working together, we can achieve our shared goals of economic growth, financial stability, and improved living standards for all Ghanaians,” the Chief Director of the Ministry of Finance stated.

On Wednesday, May 17, 2023, the IMF Executive Board approved Ghana’s US$3 billion bailout programme.

The US$3 billion programme which translates to SDR 2.242 billion is a 36-month ECF arrangement for Ghana.

According to IMF, the approval will enable an immediate disbursement equivalent to SDR 451.4 million - about US$600 million.

The IMF financial bailout programme is aimed at restoring Ghana's macroeconomic stability and debt sustainability.

ESA/MA