Ghana’s expected to receive the first disbursement of the International Monetary Fund (IMF) economic bailout on Friday, May 19, 2023.
According to the Governor of the Bank of Ghana, Dr Ernest Addison, the first tranche of $600 million out of the 3 billion IMF programme will hit their accounts tomorrow.
He said the money is expected to shore up the country’s forex reserve situation and boost the cedi against the US dollar and other major global trading currencies.
Addressing a joint press conference of the Finance Minister, Ken Ofori-Atta and IMF officials in Washington DC, Dr Ernest Addison said the approval of Ghana’s programme signalled the beginning of work to restore the country’s economy to the path of growth.
He also added that the IMF programme comes with a lot of benefits that would help steer the country’s economy out of the current challenges.
Earlier, Ken Ofori-Atta outlined a roadmap for continued financial support from the IMF over the coming months.
“There is a $600 million release, and we will be working with the IMF to see if we can get it by tomorrow, and then we will move on to the next 6 months which will be another $600 million, and then we move on to about 5 different tranches every 6 months in the periods ahead.”
