Today, Ghana will receive the first $3 billion in IMF funding, according to our news team.
Today, May 19, 2023, Ghana is scheduled to receive $600 million from the International Monetary Fund (IMF).
This is the first installment of the $3 billion, three-year extended credit facility that Ghana secured from the IMF on Wednesday in an effort to revive its ailing economy.
During a joint press conference conducted by the government of Ghana and the IMF on Thursday, the finance minister, Ken Ofori-Atta, outlined a comprehensive plan to secure ongoing financial assistance from the IMF in the coming months.
Ofori-Atta explained, "There is a $600 million release, and we will be working with the IMF to see if we can get it by Friday. We will then move on to the next six months, which will be another $600 million, and then we will move on to approximately five different tranches every six months in the future."
Wednesday, the Executive Board of the International Monetary Fund approved Ghana's request for a $3 billion rescue, which is intended to revive the country's ailing economy.
During the Wednesday meeting of the Executive Board, following Ghana's satisfactory fulfillment of financial guarantees to the Paris Club and other external creditors, this crucial decision was reached.
As highlighted by Ofori-Atta, the injection of funds will bolster Ghana's financial reserves and provide impetus as the country strives to accumulate foreign reserves equivalent to three months' worth of imports by 2026.
In addition, while speaking to the press, Mr. Ofori-Atta assured the nation that Ghana will manage IMF funds with the uttermost integrity.
He pledged that the resources would be allocated judiciously to advance the country's goals and produce significant progress.
The IMF and Ghanaian authorities achieved an agreement on a new arrangement under the Extended Credit Facility on December 12, 2022.