This injection of funds comes at a crucial time, providing a financial boost to support Ghana's economic resilience and navigate the challenges posed by the global economic landscape.
Ghana set to receive second tier of $600 million IMF disbursement - Ken Ofori Atta
Finance Minister has announced that the country is poised to receive the second tranche of a $600 million disbursement from the International Monetary Fund (IMF).
According to Finance Minister, Ken Ofori-Atta, the IMF has approved all required financing assurances from Ghana's Official Creditors.
The disbursement, part of an ongoing financial assistance program, is designed to bolster the country's financial stability, enhance economic growth, and address challenges posed by external economic factors.
“It is with great honor that I can announce to you that earlier today, the International Monetary Fund endorsed the first review of our program. This is a resounding affirmation that the program is advancing steadily and our reform trajectory remains steadfast".
“Consequently, the endorsement has unlocked a $600 million disbursement from the IMF and will pave the way for an additional $300 million disbursement from the World Bank under the development policy operation financing,” he said.
Addressing a joint press conference alongside the IMF, the Finance Ministry, and the Bank of Ghana on January 19, 2024, the Finance Minister provided insights into the upcoming developments.
Simultaneously, Mr. Ofori-Atta is scheduled to engage with the World Bank on Tuesday, January 23, to explore the possibility of securing an additional $250 million to bolster the country's economy.
“The World Bank will meet on Tuesday, January 23. In addition, we expect the World Bank to approve $250 million to support the Ghana Financial Stability Fund. These resources, in total $1.15 billion, will significantly booster our economic recovery effort,” he added.
The availability of the second tranche from the IMF signals a proactive approach by the government to address economic challenges and reinforce confidence in the nation's financial systems.
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