Accessibility links

Breaking News

Ghana Expecting IMF Funds This Week


FILE: IMF African Department Director Abebe Selassie reacts at the headquarters of the International Monetary Fund during the group's annual meetings in Washington, U.S., October 13, 2022
FILE: IMF African Department Director Abebe Selassie reacts at the headquarters of the International Monetary Fund during the group's annual meetings in Washington, U.S., October 13, 2022

ACCRA - Ghana expects the International Monetary Fund [IMF] to approve a first loan tranche of $600 million as soon as Wednesday, paving the way for disbursement within a week, Minister of State in the Finance Ministry Mohammed Amin Adam told Reuters on Sunday.

Ghana is seeking $3 billion from the Fund to shore up its battered economy.

On Friday, IMF Managing Director Kristalina Georgieva said Ghana's official creditors had provided the necessary financing assurances for the IMF Executive Board to look at signing off on the loan.

Ghana secured a staff-level agreement with the IMF for the $3 billion support package in December. But for the money to be disbursed, the IMF executive board must formally approve it - a step that required prior financing assurances from official creditors.

Ghana's finance ministry said on Twitter the government was ready to go to the IMF board.

Ghana is negotiating its international debt rework under the Group of 20's Common Framework platform.

Some $5.4 billion of debt to official creditors has been earmarked for restructuring, according to government data. The nation is also in talks to rework $14.6 billion of debt to private overseas creditors.

XS
SM
MD
LG