At long last, the Executive Board of the International Monetary Fund has approved the long-awaited $3-billion bailout being sought by Ghana to reset its economy to ease the hardship in the country.According to the arrangement, the IMF will disburse the three-year extended credit in batches, releasing $600 million as the first tranche, with the rest coming in tranches every six months as the country managers do the needful.
The Minister of State at the Ministry of Finance, Dr Mohammed Amin Adam, has confirmed that the $600 million has actually hit the BoG account. We are happy to hear this and also the fact that the Official Creditor Committee on Ghana has alluded to the strong reform programme being pursued by the government to restore macroeconomic stability and debt sustainability while laying the foundation for an inclusive recovery for which the country deserves the assistance.
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No Magic Wand, But Ghana Receives First Tranche of IMF BailoutThe clinching of the U.S.$3 billion Extended Credit Facility with the International Monetary Fund will help bring Ghana back on the path of growth, macroeconomic stability and debt sustainability, Finance Minister Ken Ofori-Atta has said. Ghana received a U.S.$600 million tranche as part of the U.S.$3 billion IMF loan. The IMF's bailout has been subject to the Ghanaian government getting its public debt down to more manageable levels and also needed the buy-in from bond holders. In December 2022, the Ghanaian government formally launched the country's domestic exchange programme as part of measures to restructure and bring the country's debt portfolio to sustainable levels, with a call on citizens to support the rollout. A top cocoa and gold producer, Ghana also has oil and gas reserves, but its debt soared in 2022, and like the rest of sub-Saharan Africa it has been hit by the fallout from the Covid-19 pandemic and the war between Russia and the Ukraine.
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Ghana central bank holds policy rate as inflation slowsGhana's central bank maintained its main interest rate at 29.5% on Monday, saying tight monetary policy and relative exchange rate stability were helping inflation fall.
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