First $3 billion IMF funding tranche of $600 million has been received, according to the Finance Ministry
The Bank of Ghana (BoG) has received the first tranche of the $600 million Extended Credit Facility (ECF), which totals $3 billion, according to the Ministry of Finance.
The money, according to the Ministry, will assist establish a firm basis for inclusive growth, maintain the nation's debt obligations, and restore macroeconomic stability.
The Ministry tweeted on Saturday, May 20, "The first tranche of $600 million of Ghana's low interest $3 billion Extended Credit Facility has been received to help restore macroeconomic stability, sustain the country's debts and lay a strong foundation for inclusive growth."
The second tranche is anticipated to be received within the next six months, according to prior comments from Finance Minister Ken Ofori-Atta.
He said, "There is a 600million Dollar release, I am sure we can get it by tomorrow, and in the next six months it is going to be another 600million dollars, and then we have about five different tranches in the periods forward to get to the $3billion." in remarks made at the IMF-Ghana joint press conference held in Washington on Thursday, May 18.
Stéphane Roudet, the head of the IMF mission in Ghana, said that the $3 billion bailout will lead to changes in the cocoa and energy industries.
He said that the initiative would lead to measures that would promote private sector investment and increase global reserves.
At a news conference held in conjunction with Ghana and the IMF, he stated, "There will be changes in the energy and cocoa sectors.
In order to achieve faster and more inclusive growth, it will be restoring macroeconomic stability. It includes changes that will strengthen the economy's resilience and increase its likelihood of surviving shocks in the future," he continued.
Following Ghana's acquisition of the Paris Club funding guarantee on Friday, May 12, the Board of the Fund unanimously authorized Ghana's bailout during a meeting in Washington on May 17 (Wednesday).
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