IMF Board approves Ghana’s programme request for $3bn bailout
Final approval of Ghana’s Program request for a $3 billion Balance of Payment support to stabilize the economy came from the International Monetary Fund (IMF).
In the upcoming hours, the IMF is anticipated to issue a press release with additional information regarding the approval.
Joy Business has learned that IMF Managing Director Kristalina Ivanova Georgieva-Kinova presided over the board meeting on Ghana’s program.
Documents regarding Ghana’s program are being prepared by the IMF and should be made public soon.
Information about the payment
According to the government, once Ghana’s scheme is approved by the IMF Executive Board, around $600 million will be distributed to Ghana within a week.
By December 2023, the second payout tranche is anticipated.
This is contingent on fulfilling certain program requirements, though.
Subject to fulfilling the requirements of the IMF program, the remaining cash will be paid out in instalments of $360 million every six months.
Ghana anticipates receiving approximately $3 billion over a three-year period through the IMF program.
Grants for the program
As part of the scheme, Ghana will also gain from contributions from other donors to help the nation’s economy.
The World Bank will assist Ghana’s budget with a contribution of roughly $900 million.
Fund to publicize Ghana’s program’s specifics
Once permission is granted, the IMF will publish all of the information regarding Ghana’s Economic Recovery Programme.
Additionally, it will include information on the program’s prerequisites and the staff report on Ghana.
Government commitment to transparency, according to Dr Mohamend Amin Adam, Minister of State in the Finance Ministry.
“As a result of this, the government has instructed the IMF to publish all the documents once the approval has been given. The documents will be out there for the public to continue to scrutinise and to help monitor. It is important because we are supposed to implement a number of measures and to the extent that the public must know what these measures are”, he added.
“Through this, they [Ghanaians] will be able to ask relevant questions as to how we are performing. Public accountability will continue to be a feature of the Ghanaian politics. We have a strong parliament who are not afraid to ask relevant questions and so we want to be as transparent as possible and that is the commitment the president [Akufo-Addo] has made”, the Minister of State.