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Fiscal Consolidation: Ghana to get third tranche of IMF Bail Out

The money, after it is released to the country, is likely to help strengthen the Ghana Cedi in the beginning of 2016.

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Finance Minister, Seth Terkper play

Finance Minister, Seth Terkper

Ghana is set to receive  the third tranche of payment in the IMF bailout program before the end of January.  This  will be influenced by the performance of the ministry of finance in implementing the various fiscal consolidation measures under the bailout plan.

The IMF board is likely to endorse the payment of the third tranche of the bailout after a final meeting on January. 

The money, after it is released to the country, is likely to help strengthen the Ghana Cedi in the beginning of 2016. The previous  $116 million that was approved in the second tranche of the three- year program is believed to have helped stabilize the Ghana Cedi in the last quarter of 2016.

Towards the end of the year, currency analysts  predicted that the Ghana Cedi will hit the GHC4 mark and even surpass it. But that has not been the case.  The currency has maintained its GHC3.8 to a dollar performance over the last quarter.

Other experts also believe that, should the IMF endorse its third staff report on Ghana's performance for the third tranche, the country will gain more policy credibility which will restore confidence in the economy.

Rating agencies Fitch and Moody's downgraded the country's credit worthiness  before its last Eurobond issue in September 2015.

Experts are however, confident that with the IMF's endorsement Ghana's credit worthiness prior to  its next Eurobond issue.

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