$600m of $3bn IMF money coming Friday; economy bouncing back already | Ofori-Atta: ‘We’ll emerge stronger’, ‘no rush to capital market’

17th May 2023

Ken ofori Attah

Finance Minister Ken Ofori-Atta has said the first tranche of the $3 billion extended credit facility from the International Monetary Fund will hit Ghana’s account by tomorrow, Friday, 19 May 2023.
At a joint press conference of the government of Ghana and officials of the IMF, Mr Ofori-Atta said: “There is a $600 million release, and we will be working with the IMF to see if we can get it by tomorrow, and then we will move on to the next 6 months which will be another $600 million, and then we move on to about 5 different tranches every 6 months in the periods ahead.”

The Governor of the Bank of Ghana (BoG), Dr Ernest Addison, who was also at the press conference, confirmed it, sayin: “Just for your information, we have had swift advice, today to receive the money. Value date tomorrow $604 million.”

Mr Ofori-Atta said the executive board approval given to the bailout, has already started impacting Ghana’s economy positively.

“We are already seeing relative stability in the currency and inflation and revitalising our economy. Government with support from the IMF and collective effort with Ghanaians will work through our current challenges and emerge stronger,” he said.

At the presser, the Fund’s mission chief for Ghana, Stephane Roudet, said Ghana’s reform programme is full of substance.

“It is important to emphasise that this is a programme that is very rich in its structural components,” explaining: “It includes many reforms that cover a large range of sectors and these reforms will make the economy more resilient to shocks in the future and this is what the government and the IMF are looking for in this programme.”

“It is a programme that will make the economy more resilient and more likely to withstand shocks in the future,” Mr Roudet added.

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