Ghana’s Finance Minister Ken Ofori-Atta has informed that the first $600 million tranche of a $3 billion, three-year extended credit facility has been received.
The funds will be used for budget support and help bring down inflation, Ofori-Atta said on Twitter.
The International Monetary Fund’s executive board on Wednesday approved the $3 billion, three-year rescue loan, paving a potential path out of Ghana’s worst economic crisis in a generation.
The cash, according to the Ministry, is to help restore macroeconomic stability, sustain the country’s debts and lay a strong foundation for inclusive growth.
“The first tranche of $600million of Ghana’s low interest of $3billion 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 Ministry tweeted on Saturday, May 20.
Speaking at the IMF-Ghana joint press conference held in Washington on Thursday, May 18, he said “There is a 600million Dollars release, I am sure we can get it by tomorrow, and in the next 6 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.”
The IMF Mission Chief for Ghana Stéphane Roudet indicated that the $3 billion bailout would result in reforms in the energy and cocoa sectors.
Also, he said the programme would result in reforms to encourage private sector investments and also build international reserves.
“There will be reforms in the energy and cocoa sectors,” he said during a joint Ghana -IMF press conference.