Third tranche: Ghana optimistic of securing US$360 million IMF bailout – Amin Adam

Minister of Finance, Dr Amin Adam is optimistic that Ghana will secure the third tranche of the International Monetary Fund bailout package by June this year.

Ghana is expected to receive an amount of US$360 million to support economic recovery efforts and restore macroeconomic stability.

“Approval of the second review by the board of the fund possibly by June 2024 will trigger the release of the third tranche of $360 million dollars, bringing the total disbursement so far under the programme to US$1.56 billion”

Dr. Amin Adam said this at the maiden Monthly Economic Update series organized by the Ministry of Finance.

He added that the IMF Mission team, which is currently in town for a second review of the IMF programme will also pave way for the disbursement of the third tranche of the funds.

The Minister also noted that a third review by Fund is expected to place in November 2024.

“And anytime we are successful with the review, we will see disbursement. This will not only add to building our reserves but also strengthen our currency and also provide support for budget implementation,” he stated.

Meanwhile, Mission Staff from the International Monetary Fund (IMF) have arrived in Ghana to conduct a second review of Ghana’s IMF-supported programme which will pave the way for the third installment of the $3 billion bailout request.

From April 2, 2024 the IMF team is anticipated to start reviewing Ghana's 17th IMF plan. This comes after the country received a second tranche of the bailout fund and successfully completed the first review.

The Mission team as part of the review will assess Ghana’s performance against the Fund’s program objectives spanning two weeks. They will scrutinize economic recovery measures, fiscal management, and structural reforms.

It is expected that the outcome of the IMF’s review will have some implications for Ghana’s economic recovery path and its ties with global financial institutions.

The IMF mission team will meet with key government officials including the Minister of Finance, Dr. Amin Adam, Bank of Ghana Governor, Dr. Ernest Addison, and civil society organizations, among others.

MA/NOQ