Ghana to receive second tranche of IMF bailout in July

Ghana would receive the second tranche of the financial package from the International Monetary Fund (IMF) in July this year.

This was announced in a report by the IMF.

Ghana’s Central Bank received the first tranche of the $918 million bailout package from the International Monetary Fund (IMF) on Tuesday April 14.

The amount is expected to shore up the ailing Cedi which has already depreciated by close to 15 per cent this year after a marginal stability in the last quarter of last year following the infusion of $2.7 billion into the economy through an oversubscribed $1-billion Eurobond instrument and a $1.7-billion syndicated loan from the Ghana Cocoa Board.

The Cedi is selling at almost Ghc4 to $1 on the forex market. It is feared it could fall further if the $114 million delays further.

This is part of an agreement by IMF to support Ghana with a $914 million bailout after government applied for assistance from the Bretton Wood institution last year.