The government of Ghana is set to receive six hundred million dollars ($600m) as first tranche of the bailout package from the International Monetary Fund (IMF).
According to multiple reports, the money will hit the accounts of the Bank of Ghana on Friday, May 19.
The transfers, according to Accra-based Joy FM, would be done in two instalments; the first one coming in by Friday May 19, 2023 or Monday, May 22, 2023.
Another disbursement is expected to be done in June 2023.
This will be followed by a visit by an IMF Mission to Ghana in June 2023 to review Ghana’s programme considerations.
Another review is expected just before the end of 2023, possibly in December 2023, before the final disbursement.
All the funds will be paid directly into the Bank of Ghana’s account to support Ghana’s balance of payments needs.
Ghana is expected to get about $3 billion spread over a period of three years under the IMF programme.
Ghana secured the required financing assurance from Ghana’s Creditors Committee under the G20 Common Framework last week, which includes China.
This came after the Managing Director of the IMF, Kristalina Georgieva, indicated that Ghana will secure the financing assurance under the G20 Common Framework
Pulse
