Ghana receives $360m as third tranche of $3bn IMF bailout

The third installment of Ghana’s rescue package from the International Monetary Fund (IMF) has been given to the government, totaling US$360 million.

This morning, Tuesday, July 2, 2024, the Central Bank’s account was formally credited with the funds intended for stabilizing the local currency and supporting the budget.

It comes after the second evaluation was approved by the Executive Board on Friday, June 28, 2024.

This indicates that of the $3 billion authorized under the three-year extended credit arrangement, Ghana has received a total of US$ 1.56 billion.

As far as Ghanatodayonline.com is aware, the funds will be utilized to assist budgetary initiatives for 2024.

Following the approval of the third review by the IMF Executive Board, the fourth tranche of an additional US$360 million is anticipated in the fourth quarter of 2024.

The World Bank’s $300 million in funding is anticipated in the third quarter of 2024; in addition, payments from bilateral organizations and financial institutions, such as the US$ 150 million World Bank GARID Project and the US$ 200 million EBID facility for SME support, are anticipated, as well as projected earnings from 2024 and 2025. Up to US$1.5 billion in COCOBOD syndication is anticipated in 2024’s fourth quarter.

Source: Ghanatodayonline.com