Ghana To Receive $604M From IMF Tomorrow
The Bank of Ghana has announced the country will receive US$604 million of the US$3 billion loans facility requested from the International Monetary Fund (IMF) on Friday.
According to the Governor of the Bank, Ernest Addison, advice from the Fund gave this indication.
He said he received the communication today, May 18, 2023.
He was speaking virtually at a joint Press conference by the IMF in Washington.
This comes after the Fund approved Ghana’s request for a bailout ahead of the finalisation of the country’s engagement with the external creditors.
In a press statement announcing the approval of the bailout, the IMF said the government’s Post COVID-19 Program for Economic Growth (PC-PEG) contains large and frontloaded fiscal consolidation that will bring public finances to a sustainable path.
Speaking at the presser, the Governor of the BoG said, “We have had swift advice today to receive the money God tomorrow $604 million”.
Ghana began processes to secure an IMF bailout last year. By December, the country had secured a Staff Level Agreement (SLA).
