The first installment of IMF funds in the BoG account this week
The Minister of Finance is Ken Ofori Atta
The first tranche of funds from the International Monetary Fund (IMF) to support the country's balance of payments will arrive in the Bank of Ghanaaccount this week.
Business Joy learns that the Executive Board of the IMF will approve the "funding" once it considers the application for the Ghana program this Wednesday, May 17, 2023. Thefirst part will arrive on Friday,March 19, 2023, while the rest is expected to be delivered by June 2023.
Financial details
The transfer, according to Joy Business, will be done in two minutes; each arriving on Friday, May 19, 2023 or Monday, May 22, 2023. The next payment is expected in June 2023.
This will follow the visit of theIMF delegation to Ghana in June 2023 to review Ghana's program review. Anotherreview is expected shortlybefore the end of 2023, possibly in December 2023, before the final budget. All funds will be transferreddirectly to Bank of Ghana accounts to meet Ghana's payment needs. Ghana is expected to receive about $3 billion over three years under the IMF program.
IMF Ghana Program
Ghana received the required financial assurance from the Committee of Creditors of Ghana last week under the G20 Common Framework, which includes China. This came after IMF Managing Director Kristalina Georgieva revealedthat Ghana will receive financial assurances under the G20 formal framework.
He said that this decision willhelp Ghana to unlock more money from Ghana's development partners.
The head of the IMF added, "Istrongly support the call of the Committee of Creditors for private creditors and other creditors to engage in similardebt treatment."
All funds will be transferreddirectly to Bank of Ghana accounts to meet Ghana's payment needs. Ghana is expected to receive about $3 billion over three years under the IMF program. IMF Ghana Program
Ghana received the required financial assurance from the Committee of Creditors of Ghana last week under the G20 Common Framework, which includes China. This came after IMF Managing Director Kristalina Georgieva revealedthat Ghana will receive financial assurances under the G20 formal framework.
He said that this decision willhelp Ghana to unlock more money from Ghana's development partners.
The head of the IMF added, "Istrongly support the call of the Committee of Creditors for private creditors and other creditors to engage in similardebt treatment."
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