We are working on getting third tranche approved for Ghana by end of June – IMF

The International Monetary Fund (IMF) has revealed that Ghana may receive the third batch of $360 million by the end of June, as the country continue to witness its cedi devalue and fall against a strengthen American dollar.

In a recent briefing with the media on June 6, 2024, the Fund indicated that it is working towards ensuring that Ghana gets Board approval for the release of $360 million by the end of the month.

This was announced by Julie Kozack, the Fund's Director of Communication.

"Our aim is to bring the review to the IMF's Executive Board for approval before the end of June. This would give Ghana access to $360 million in financing, bringing the total to about $1.6 billion in disbursements since May of 2023," she indicated.

According to the Fund, Ghana's "strong policy and reform efforts under the three-year programme are bearing fruit and signs of economic stabilisation are emerging. For example, growth in 2023 was higher than we had initially envisaged."

The IMF also indicated that the authorities are also making good progress on their comprehensive debt restructuring. "The domestic debt exchange was completed last year, and in January 2024, the government reached an agreement in principle with its official bilateral creditors. Ghana is also engaging its external private creditors to seek their support," the Fund said in a report on myjoyonline.com.

EAN/FNOQ

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