Ghana’s Finance and Economic Planning Minister, Ken Ofori-Atta, has revealed that the country is anticipating the arrival of the second tranche of the International Monetary Fund’s (IMF) extended credit facility by the end of this year.

Ghana after the review is to get $600 Million from the IMF.

“We have the first review of the IMF this year and in September, the fund will be with us looking at the quantitative performance criteria, the indicative targets, and some of the structural benchmarks.

“We have made a lot of progress in all of that and we expect that when the mission comes, we will be able to get a staff-level agreement and then be able to go to the board in November. We are very hopeful and confident about the outcome,” he said on the sidelines of the 3rd GIPC-CEO breakfast meeting in the nation’s capital, Accra.

With the successful completion of the Domestic Debt Restructuring, he further expressed confidence in concluding talks with the Paris Club and its bilateral creditors by the end of the year.

“What we have been able to do is that the pressure of being successful at the fund enables us to negotiate a lot better. Going through the mission in September, we should then successfully have a staff-level agreement, and that will help us in our negotiation. I believe that by year-end, we should be able to go through both the OCC of the Paris Club and also a long way in the Eurobond negotiation.”

Ghana had previously received the first tranche of the 3 billion dollar bailout, in May 2023, with the second tranche expected following a review scheduled for November. The first tranche of the $3 billion three-year extended credit facility Ghana secured from the IMF was aimed at reviving its ailing economy. The second is expected to look at same with a focus on Balance of Payment support for 2023 and 2024.

Source: Ghana/