Ghana's economy in a better place, $600m disbursement possible in November – IMF

Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has said Ghana's economy has witnessed substantial growth in the past month.

She was optimistic that the second tranche of the IMF money would be disbursed to the Government of Ghana in November because the economy was in a much better place.

Speaking in an interview, Kristalina Georgieva stressed that the inaugural programme review for the IMF bailout programme for Ghana would be held in November this year.

“Ghana is doing actually quite well. You have seen that their position has improved over the last month, and the economy is in a much better place. I would very much hope that we can have the disbursement,” the IMF boss is quoted to have said by Citi News.

The IMF boss noted that Zambia and Ghana which were facing debt defaults were making strides under its bailout programmes.

It would be recalled that the government on July 1, 2022, announced its decision to run to the International Monetary Fund (IMF) for a $3 billion financial bailout programme.

Subsequently, a team from the IMF arrived in the country from July 6 to July 13, 2022, to engage Ghanaian authorities for a possible economic support programme.

A staff-level agreement between the Government of Ghana and the IMF was reached in December 2022.

On May 17, 2023, IMF's executive board approved Ghana's $3 billion loan facility.

The first tranche of $600million was received by the Bank of Ghana (BoG) on Friday, May 19, 2023.

The IMF programme, according to the government is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.

SA/NOQ



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