By: Franklin ASARE-DONKOH<\/p>\n\n\n
The IMF Ghana Country Director announced this during a joint press conference held on Friday, January 19, 2024.<\/p>\n\n\n\n
\u201cThe Executive Board of the International Monetary Fund (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. <\/p>\n\n\n\n
The completion of the first ECF review allows for an immediate disbursement of SDR 451.4 million (about US$600 million), bringing Ghana\u2019s total disbursements under the arrangement to about US$1.2 billion.\u201d<\/p>\n\n\n\n
This comes after Ghana struck a deal with its bilateral lenders, including China and France, late last week\u2014a key step that has unlocked the second disbursement.<\/p>\n\n\n\n
This approval means Ghana has successfully passed its first review under the Fund program after receiving the initial tranche in May last year.<\/p>\n\n\n\n
The government has indicated that this fresh funding will be utilised to support activities in the 2024 budget.<\/p>\n\n\n\n
Ghana has successfully secured a moratorium with its official creditors, postponing debt payments until May 2026.<\/p>\n\n\n\n
Reports suggest that the country expects to finalise an agreement with Eurobond investors to restructure a $13 billion debt by the end of March.<\/p>\n\n\n\n
Finance Minister Ken Ofori-Atta announced that payments for $5.4 billion in bilateral obligations would be made in two instalments over 16 and 17 years.<\/p>\n\n\n\n