IMF Board to decide on Ghana's $3 billion loan request on May 17 - Media advisory

The International Monetary Fund is expected to make a decision on Ghana’s request for an Extended Credit Facility of $3 billion on Wednesday, May 17, 2023.

According to a media advisory captured on the Fund’s website, the Executive Board of the Fund brief will hold a virtual press conference on Thursday, May 18 at 10.30 am Washington D.C time to brief journalists on the outcomes.

Key persons to partake in the press briefing is the IMF Mission Chief for Ghana, Stephane Roudet, Ghana's Finance Minister, Ken Ofori-Atta, Bank of Ghana Governor, Dr Ernest Addison and Tatiana Mossot, Senior Communications Officer with the IMF.

The press briefing will be held via Zoom but will be televised on most channels in Ghana at 14:30 GMT, according to a circular issued by Ghana’s Ministry of Finance on May 16, 2023.

Ahead of this development, Minister of State in charge of Finance, Dr. Mohammed Amin Adam disclosed that the first tranche of the loan facility consisting of $600 million is expected to be disbursed into the Central Bank's account by Wednesday, May 17, 2023.

He added that the second tranche of the funds will also hit the Central Bank’s account by November or December this year after the Fund has conducted a successful review of the first loan tranche under the programme.

Dr Amin Adam added that the rest of the funds will be disbursed in equal tranches of $360 million after the IMF has further completed its semi-annual reviews of the extended credit facility.

“The funds will boost Ghana’s coffers and help it work towards the target of foreign reserves amounting to the equivalent of three months of imports by 2026,” the minister of State earlier told Reuters.

MA/ESA