First tranche of $600m IMF loan hits Ghana’s account

The first tranche of $600 million out of the $3billion IMF programme has hit the account of the Bank of Ghana.

This has been confirmed by the Minister for Information, Kojo Oppong Nkrumah.

“Yes that’s the confirmation I have. As we have mentioned, there are supposed to be 7 different disbursements, the first being the $600 million received on the back of conclusion of the approval by the Board,” he told Citi News

He explained that Ghana will only get additional tranches if it meets the assessment criteria.

“The remaining tranches will be based on the country’s ability to meet the assessment criteria, which is spelt out in the programme that has been signed off. There are about 50 structural reforms we have undertaken to do on various parts of our economic life to ensure that we build resilience moving forward.

He added, “Nine of them will form part of the development assessment which is supposed to be concluded before the end of this year. The meeting of those nine is what will translate into further disbursement of other outstanding amount. As we have said over and over again, it’s not just about the money, but the reforms that need to take place to ensure that we build resilience in the Ghanaian economy. All of us will have to focus in doing our part to make that happen”.

Joining a joint government of Ghana/ IMF press conference in Washington DC via zoom, the Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said. said the approval of Ghana’s programme signaled the beginning of work to restore the country’s economy unto the path of growth.

He said aside from the money that the IMF programme comes with, it also had a lot of benefits that would help steer the country’s economy out of the current challenges.

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