IMF approves Ghana's request for $3 billion bailout

Bloomberg has reported that the International Monetary Fund has approved Ghana’s request for a $3 billion bailout to support Ghana’s economic recovery, according to its sources

The IMF’s Executive Board met to discuss approval for the funding on Wednesday.

The report however added that the announcement will be done later in the day.

The Minister of State in charge of Finance, Dr. Mohammed Amin Adam, had disclosed that the International Monetary Fund will likely approve the first tranche of the $600 million loan for Ghana by Wednesday, May 17, 2023.

According to him, the government expects the IMF Executive Board to approve the credit facility after meeting all pre-conditions and requirements particularly after financing assurances have been granted by official creditors, China and the Paris Club.

“We expect a deal on Wednesday. With the disbursement, there is going to be $600 million as a first tranche just immediately after the approval,” he told Reuters via phone.

Dr Amin Adam was however optimistic that the funds will be disbursed into the Bank of Ghana account within a week of the IMF Board’s approval.

SSD/MA