Finance Minister Ken Ofori-Atta has described the release of the second tranche of IMF cash as a resounding affirmation of Ghana’s progress.
Welcoming the International Monetary Fund’s release of the second tranche of the $3 billion under the Extended Credit Facility, Ken Ofori Atta, said it validates the impressive performance of the economy since signing on to the ECF agreement program.
In announcing the IMF Executive Board’s approval of the second tranche, the IMF Mission chief for Ghana Mr. Stephane Roudet, corroborates Ken Ofori Atta’s view on the performance of the economy. Mr. Roudet noted that economic growth has been more resilient in 2023 than expected, inflation declined rapidly throughout the year, the cedi stabilized as well as improvements in the fiscal and external positions of Ghana, among others.
Ken Ofori-Atta said the approval of the second tranche, will pave the way to access about $300 million from the World Bank.
He made these remarks at a joint press conference held by the IMF and the Ministry of Finance on Friday, January 19, 2024.
The Executive Board of the IMF completed today the First review of the $3 billion, 36-month Extended Credit Facility (ECF) Arrangement, which was approved by the Board on May 17, 2023, as well as the 2023 Article IV Consultation with Ghana.
The completion of the first ECF review allows for an immediate disbursement of $600 million, bringing Ghana’s total disbursements under the arrangement to about $1.2 billion.
This comes after Ghana struck a deal with its bilateral lenders, including China and France, a key step that has unlocked the second disbursement.
This approval means that after receiving the initial tranche in May last year, Ghana has completed its first review under the fund program.
