Finance Minister Ken Ofori-Atta says Ghana is on course to securing $1 billion by the end of the year to shore up the ailing economy.
According to him, the Akufo-Addo-led government is diligently working to secure the second tranche disbursement of the IMF bailout following a scheduled review in November.
Ofori-Atta emphasized the government’s commitment to meeting all the conditions stipulated by the Fund, ensuring that the Central Bank can access the disbursement to address the balance of payments (BoP) challenges for 2023 and 2024, ultimately restoring macroeconomic stability.
Speaking at the 3rd CEO’s Breakfast Meeting organized by the Ghana Investment Promotion Centre, the Finance Minister elaborated, stating, “We are ready for the mission that comes at the end of September so that we can try and get the staff level agreement, while the mission is here, and then we go to the board in November for the release of the 2nd tranche which will be $600 million. In addition to that, there are certain things we need to do with the World Bank so that we can get our DPO, which will be another $300 million. I believe that we are on course to maybe get a billion dollars to support Bank of Ghana’s balance of payment issues.”
He further expressed confidence in concluding talks with the Paris Club and its bilateral creditors by the end of the year.
Ghana in May 2023 received the first tranche of its $3 billion bailout package from the International Monetary Fund (IMF).
The Finance Minister affirmed the government’s commitment to implementing stringent measures aimed at generating the necessary revenue, forming an integral part of their strategy to restore macroeconomic stability.
The GIPC CEO’s Breakfast Meeting, held periodically, aims to convene CEOs, business leaders, and government authorities to deliberate on critical issues affecting business and investments in Ghana.
