Second tranche of IMF US$600m hits BoG account

January 23, 2024 8:19 PM

The Bank of Ghana (BOG) has confirmed the arrival of the second tranche of Ghana's IMF bailout package, amounting to US$600 million.

Ken Ofori-Atta with BoG boss Ernest Addison

This fund, designated for budget support and stabilizing the local currency, was officially deposited into the Central Bank's account on January 23, 2023.

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The approval of the loan facility brings the total disbursement for the country’s implementation of an IMF-supported Post COVID-19 Programme for Economic Growth (PC-PEG) to US$1.2 billion.

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This comes about a week after the country secured an agreement with the Official Creditor Committee, leading to the Fund’s endorsement of the country’s first review of the three-year US$3b programme.

Ken Ofori-Atta, the Finance Minister speaking at a joint press briefing described the development as a pivotal milestone in the country’s programme implementation.