Dr. Mohammed Amin Adam, Ghana’s Finance Minister, has announced that the country is set to sign a Memorandum of Understanding (MoU) with its official bilateral creditors next week.
This agreement is crucial for Ghana to secure her third tranche of US$360 million from the International Monetary Fund (IMF) as part of the Extended Credit Facility (ECF) program aimed at restructuring US$13 billion in external debt.
The signing will support debt sustainability and stabilize the Cedi against major currencies.
The IMF Executive Board is expected to review and approve the disbursement in June.
At the launch of the 2025 Africa Prosperity Dialogues in Accra, Dr. Amin Adam emphasized the importance of the MoU for the second review’s submission to the IMF Board.
Dr. Ernest Addison, Governor of the Bank of Ghana, and economist Professor Godfred Alufar Bokpin, both mentioned that the US$360 million disbursement will bolster foreign currency reserves too and stabilize the Cedi.
Additionally, Deputy Finance Minister Dr. Stephen Amoah urged Ghanaians to support domestic tourism to enhance foreign exchange inflows and mitigate Cedi depreciation.
