Ofori-Atta optimistic IMF will disburse second tranche of $3 billion loan in November

The Minister of Finance, Ken Ofori-Atta, has expressed optimism over Ghana’s ability to secure the second tranche of the $3 billion IMF loan in November 2023.

Ofori-Atta said he is confident Ghana will meet the criteria for the next $600 million disbursement.

He made the comments after the staff of the IMF paid a working visit to Ghana a few weeks ago.

“Between cabinet and parliament, so far, we’ve gone through the qualitative performance criteria. So, we expect that the review will go well in September to get a Staff-Level Agreement. We’ll go to the Board in November and we’re sure we can get it,” the Minister told journalists on July 11, 2023.

He added that “We had an IMF Staff visit about three weeks ago which went very well and we’re expecting that review in September.”

Ghana received the first tranche of the IMF loan in May 2023 after it secured the fund’s board approval.

The country had met the initial criteria for the approval of the programme, which included financial assurances from external creditors as well as a successful domestic debt exchange programme.

The $3 billion loan facility is expected to help restore macroeconomic stability to the country whiles tackling the rapid depreciation of the cedi and the increasing inflation rates.

SSD/NOQ

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