Ghana nears IMF Board approval for third $360 million financing tranche

The International Monetary Fund (IMF) The International Monetary Fund (IMF)

Ghana is on the verge of getting the green light from the International Monetary Fund (IMF) for the release of the third tranche of financing of $360 million under its expanded credit line.

The current IMF support program, designed to boost the country’s economy and foster sustainable growth, has reportedly delivered results that exceeded expectations.

The country has already received $1.2 billion in IMF financing, aimed at facilitating fiscal consolidation, strengthening foreign exchange reserves, and supporting overall economic recovery efforts.

According to IMF officials, Ghana’s progress in meeting economic and political benchmarks has positioned it favorably for the next disbursement of funds.

IMF Communications Director Julie Kozack expressed confidence in Ghana’s track record during a recent press conference in Washington, DC.

He highlighted the significant progress made by the Ghanaian authorities in adhering to the program policies and implementing the necessary reforms.

“IMF staff and Ghanaian authorities reached a staff-level agreement for the second program review on April 13.

“Pending approval from the IMF Executive Board, which we aim to achieve before the end of June, Ghana will gain access to approximately $360 million.

“The government’s commitment to strong policy measures and reforms is yielding positive results, with signs of economic stabilization becoming more evident,” citinewsroom.com was quoted as saying.

Approval of the third tranche of financing is expected to occur during the next meeting of the IMF Executive Board in June. In particular, talks are underway between official creditors, raising hopes for a quick conclusion of negotiations and the subsequent disbursement of funds.

Kozack emphasized the encouraging economic indicators seen in Ghana, citing stronger-than-expected growth in 2023, declining inflation rates, improved fiscal and external positions, and lower exchange rate volatility.

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