The Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam has disclosed that Ghana will receive $1.2 billion this year after government gets an International Monetary Fund (IMF) Board approval by Wednesday, May, 17, 2023.
“You can imagine what this will do to Ghana’s Balance of Payment support going forward”, he said.
Dr. Adam disclosed this to Joy Business in a yet to be aired PM Express Business Edition with Host George Wiafe on Thursday May 18, 2023.
Details of the disbursement
According to him, about $600 million would be disbursed to Ghana within a week, once Ghana’s programme is approved by the Executive Board of the IMF.
He added that the second tranche of disbursement would be expected by December 2023.
This is however subject to meeting some conditions under the programme.
The remaining amount will be disbursed in tranches of $360 million every six months, subject to meeting the IMF programme conditions.
Ghana is expecting about $3 billion spread over three years under the IMF Programme.
Dr. Adam also disclosed that that the country is expected to go ahead with the debt restructuring programme with its external creditors.
Ghana’s programme and full disclosure
He stated that after the board approval, the IMF will release Ghana’s programme.
The Minister of State at the Finance Ministry also disclosed that once the country secure the IMF Executive Board approval , Ghana’s economy will bounce back.
“As a government, we have been committed to free to information and there are no intention to hide the IMF programme from Ghanaians”, he said.
Donor Support for Ghana’s programme
As part of the programme, Ghana will also benefit from other donors to support the country’s economic development.
According to Dr. Adam, the World Bank will come on board with the about $900 million to support Ghana’s Budget.