Ghana is scheduled to receive the first installment of the $3 billion bailout package agreed by the International Monetary Fund (IMF) , May 19, 2023, according to Finance Minister Ken Ofori-Atta.
Speaking at a press conference with representatives of the IMF and the government of Ghana, Ofori-Atta detailed a plan for the IMF to continue providing financial support over the upcoming months.
“There is a $600 million release, and we will be working with the IMF to see if we can get it by tomorrow, and then we will move on to the next 6 months which will be another $600 million, and then we move on to about 5 different tranches every 6 months in the periods ahead.”
The $3 billion bailout request from Ghana was approved by the IMF’s Executive Board on Wednesday in an effort to revive the faltering national economy.
The choice was taken on Wednesday during a meeting of the Executive Board, after Ghana had received finance guarantees from the Paris Club.
According to him, the money will assist Ghana reach its goal of having foreign reserves equal to three months’ worth of imports by 2026 by bolstering its financial position.
Speaking to the media, Mr. Ofori-Atta promised that Ghana will not misuse the IMF cash. He assured them that the money would be used wisely to advance the nation’s goals.
The IMF and the Ghanaian government agreed to a new arrangement under the Extended Credit Facility on December 12, 2022 at the staff level.