Ghana’s debt program is progressing steadily, and our commitment to reform is unwavering – Finance Minister

January 20, 2024
Ghana's debt program is progressing steadily, and our commitment to reform is unwavering - Finance Minister

Finance Minister has welcomed the 's () release of the second tranche of Ghana's extended credit facility, signalling a positive step in the country's economic reform trajectory.

The approval entails an additional $600 million for Ghana's bailout program, further indicating progress in its economic reform efforts.

During a joint press conference between the and the IMF on Friday, January 19, 2024, Minister Ofori-Atta expressed his satisfaction with the IMF's endorsement of Ghana's program.

He stated, “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 .”

The approval by the IMF's Executive Board completes the First review of the $3 billion, 36-month Extended Credit Facility (ECF) Arrangement, initially approved on May 17, 2023.

This endorsement allows for an immediate disbursement of SDR 451.4 million (about US$600 million), bringing Ghana's total disbursements under the arrangement to about US$1.2 billion.

In a press release, the IMF highlighted the significance of this disbursement, marking Ghana's successful completion of its first review under the Fund program.

This milestone follows Ghana's recent agreements with bilateral lenders, including and France, which played a crucial role in unlocking the second tranche.

The Finance Minister indicated that the fresh funding would be utilized to support activities outlined in the 2024 budget.

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