The Finance Minister Dr. Mohammed Amin Adam is hopeful the International Monetary Fund (IMF) will approve the third tranche funding support of $360 million for Ghana after its review.
He expressed the optimism after government made a significant milestone in its debt restructuring journey with bilateral creditors.
The government has reached an agreement on a Memorandum of Understanding (MoU) with its Official Creditor Committee.
The agreement on the MoU will pave the way for the IMF to review Ghana’s performance under a 3 year economic support programme.
According to Dr. Amin Adam, Ghana has met all requirements which are crucial for the IMF to approve the third tranche funding for Ghana. He made the statements at a press briefing in Accra on May 12, 2024.
He stressed that, government does not foresee any challenges in the coming days.
“We are very confident they will approve our second review because we have met all the requirements. The last hurdle was the agreement. We needed to meet with the bilateral creditors which we have now met. We do not anticipate any challenges”, he stated.
Ghana’s second review programme for a third tranche funding of US$360 million is expected to go before the Executive Board of the IMF by the end of June 2024.
This is to see to the approval and disbursement of additional funds under the country’s Extended Credit Facility (ECF) programme with the IMF for economic recovery and stability.
Early this month, Ghana reached a staff-level agreement on economic policies and reforms for the second review of the programme.
Source: Joy Business